Perpetual decentralized exchange (DEX) trading volume soared to $12.09 trillion by the end of 2025, marking a significant increase of nearly 200% from $4.1 trillion in January. The annual transaction volume totaled $7.9 trillion, with 65% of this activity occurring in the latter half of the year. From October to December, trading volume reached $5.74 trillion, with each month's figures surpassing $1 trillion. In the fourth quarter, Aster and Lighter exchanges surpassed Hyperliquid in monthly transaction volumes for both November and December, highlighting a shift in market dynamics among leading DEX platforms.