Rewards Hub On-chain perpetual contract trading volume surged over threefold in 2025, according to CryptoRank data. The market, once dominated by Hyperliquid, has become highly competitive. October saw a peak in perpetual contract trading volume at $1.8 trillion, driven by memecoin liquidity shifts, before declining to $864 billion by year-end. Currently, Lighter, Aster, and Hyperliquid have similar trading volumes, while previously leading platforms like Jupiter, dYdX, and GMX are trailing behind.
On-Chain Perpetual Contract Volume Triples in 2025 Amid Competitive Shift
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