Perpetual contracts have become the dominant trading instrument in 2025, surpassing spot contracts in both centralized and decentralized exchanges. On centralized exchanges (CEXs), perpetual swaps accounted for 75% of the total trading volume, reaching nearly $49 trillion, significantly outpacing spot trading at $14.8 trillion and options trading at $1.3 trillion. This marks an increase from 72% in 2024. Similarly, decentralized exchanges (DEXs) have seen a rise in perpetual swap trading, with their share increasing from 50% last year to 56% this year. The cumulative on-chain trading volume for perpetual swaps has reached $4.7 trillion, compared to $3.6 trillion for spot trading, highlighting the growing preference for perpetual contracts in the crypto market.