Foresight News reports that, according to DeFiLlama data, the total trading volume of perpetual contract decentralized exchanges (Perp DEX) reached approximately $12.09 trillion by the end of 2025, nearly doubling from $4.1 trillion at the beginning of the year. In 2025 alone, about $7.9 trillion in trading volume was generated, accounting for 65% of the historical total. Trading activity was mainly concentrated in the second half of 2025, with a trading volume of $5.74 trillion, representing 73% of the annual total. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The market competition landscape for Perp DEX changed in Q4, with Aster and Lighter’s monthly contract trading volumes in November and December surpassing Hyperliquid.
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