- Perp volume tripled in 2025 compared to 2024.
- Market share diversified beyond Hyperliquid’s dominance.
- Lighter and Aster now lead a competitive perpetuals landscape.
In 2025, the cryptocurrency derivatives ecosystem saw an unprecedented Perp Volume Surge that reshaped how perpetual contracts are traded. According to data from CryptoRank, total perpetual (perp) trading volume roughly tripled over the course of the year. This growth signals both rising interest in leveraged crypto trading and a significant shift in platform share.
For several years, Hyperliquid had been the dominant force in perpetuals trading — capturing the largest share of volume in a market few competitors could meaningfully challenge. However, as 2025 progressed, this dynamic changed dramatically.
From Dominance to Competition
The Perp Volume Surge was not only impressive in absolute terms but also in how it redistributed market share across platforms. While Hyperliquid remained a top contender, two emerging platforms — Lighter and Aster — climbed steadily. By the end of the year, Lighter and Aster had captured significant portions of perp volume, overtaking competitors and establishing themselves alongside Hyperliquid at the forefront of derivatives trading.
Several factors drove this shift:
- Innovative product offerings that appealed to different trader segments.
- Improved liquidity incentives that attracted high‐frequency traders.
- Competitive fee structures that challenged Hyperliquid’s early advantage.
This competitive landscape has given traders more choice and diversity in perp trading venues, fostering a healthier and more dynamic market overall.
What This Means for Traders
For seasoned perpetuals traders, the 2025 surge signaled the importance of platform liquidity and execution quality. Diversifying across exchanges like Lighter, Aster, and Hyperliquid became an effective way to manage risk and capture volume opportunities.
Retail traders benefited as well. Increased competition often leads to better fee models and promotional incentives, reducing trading costs and lowering barriers to entry for new participants.
Overall, the Perp Volume Surge in 2025 marked a pivotal moment: the perpetuals market transitioned from a landscape dominated by a single leader to one defined by competition and innovation.
