coin-img-ETHETH+5.86%coin-img-BTCBTC+5.24%coin-img-XAUTXAUT-1.02%coin-img-PAXGPAXG-1.65%coin-img-TAATAA+1,778.71%coin-img-SOLSOL+5.50%coin-img-XRPXRP+3.17%coin-img-USDCUSDC-0.01%coin-img-ETHETH+5.86%coin-img-BTCBTC+5.24%coin-img-XAUTXAUT-1.02%coin-img-PAXGPAXG-1.65%coin-img-TAATAA+1,778.71%coin-img-SOLSOL+5.50%coin-img-XRPXRP+3.17%coin-img-USDCUSDC-0.01%coin-img-ETHETH+5.86%coin-img-BTCBTC+5.24%coin-img-XAUTXAUT-1.02%coin-img-PAXGPAXG-1.65%coin-img-TAATAA+1,778.71%coin-img-SOLSOL+5.50%coin-img-XRPXRP+3.17%coin-img-USDCUSDC-0.01%coin-img-ETHETH+5.86%coin-img-BTCBTC+5.24%coin-img-XAUTXAUT-1.02%coin-img-PAXGPAXG-1.65%coin-img-TAATAA+1,778.71%coin-img-SOLSOL+5.50%coin-img-XRPXRP+3.17%coin-img-USDCUSDC-0.01%

Perpetual DEX Volume Hits $92.9T in 2025 as Hyperliquid and Lighter Close Gap with CEXs

Perpetual swap DEXs reached $92.9 trillion in trading volume in 2025, marking a 64.6% year-on-year increase, CoinGecko data show. Platforms such as Hyperliquid and Lighter led this growth by offering capital-efficient markets, two-way profit opportunities and 24/7 trading in commodities, pre-IPO stocks, synthetic equities and other exotic instruments. Hyperliquid, ranked 7th globally with $2.9 trillion in annual volume, implemented the HIP3 upgrade to enable permissionless listings of any asset with a price feed, while in October 2025 perpetual DEXs processed $1.18 trillion, over four times their volume at the start of the year. CEX open interest declined 20.8% in 2025 while DEX open interest jumped 229.6%, as higher throughput, low fees and on-chain perpetual markets increasingly position DEXs as competitors to centralized exchanges.
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