Key Insights:
- DEX futures topped $1.2T monthly in 2025, driven by traders seeking higher leverage.
- Hyperliquid led the market despite rising competition from Lighter, Aster, and edgeX.
- Leverage peaked near 10% before October liquidations slashed exposure by more than half.
Crypto derivatives trading expanded in 2025, with decentralized exchanges recording over $1.2 trillion in monthly perpetual futures volume by the end of the year. Data from Coinbase Institutional shows strong activity growth across several platforms, with Hyperliquid keeping a large share of the total volume throughout the year.
Weekly trading volume started the year below $150 billion and steadily increased into the second half of 2025. In September and October, weekly volumes crossed $300 billion. While newer platforms like Lighter, Aster, and edgeX gained traction, Hyperliquid remained the leading venue in terms of volume processed.
Speculative Exposure Peaked Before October Decline
Coinbase tracked the rise in leveraged trading using a measure called the systematic leverage ratio. This ratio compares open interest in crypto derivatives to the total market cap, excluding stablecoins. It rose to nearly 10% by August 2025, showing a strong rise in speculative activity.
After a wave of liquidations in October, the ratio dropped to around 4%. Coinbase noted that “purely speculative exposure approached 10% at its peak before declining after liquidation events in October.” The sharp drop pointed to traders reducing leverage following increased volatility and losses.
Traders Shifted to Perpetuals as Altcoin Markets Stayed Flat
Much of the activity was driven by traders looking for ways to earn returns while altcoin spot markets stayed quiet. Perpetual futures allowed users to take larger positions using smaller amounts of capital. This made them attractive during a period when few altcoins showed price movement.
Decentralized platforms offering faster transactions and improved user experience also supported this growth. Hyperliquid, in particular, remained a top choice as it consistently led in weekly volume, even as more platforms entered the market.
Equity Perpetuals May Be the Next Growth Area
Coinbase also pointed to growing interest in equity-based perpetual futures. These instruments would allow traders to access stock exposure around the clock through tokenized products. They aim to combine stock trading with the 24/7 nature of crypto markets.
“Equity perps could become the preferred choice for a new generation of global retail traders seeking highly leveraged, low-friction access to traditional financial markets,” the report stated. These products may offer an alternative way to trade outside normal equity market hours, especially on weekends and evenings.
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