Crypto derivatives activity saw significant growth in 2025, with decentralized exchange (DEX) perpetual futures volumes surpassing $1.2 trillion per month, according to Coinbase Institutional's 2026 Crypto Market Outlook. Hyperliquid maintained a substantial market share during this period. Speculative exposure in the market peaked at nearly 10% before a decline following liquidation events in October. Looking forward, the report suggests that equity perpetual futures could become a crucial derivative link between cryptocurrency markets and traditional financial assets, potentially expanding the framework established by current crypto derivatives.