Crypto derivatives activity surged in 2025, with decentralized exchanges processing over $1 trillion in monthly perpetual futures volume, driven by the absence of a traditional altcoin season. Equity perpetual futures may be the next growth area, combining crypto access and leverage with demand for exposure to US equities. Onchain platforms like Hyperliquid are leading the charge in this evolving market.

Competition among onchain perpetual futures platforms has intensified, with Aster briefly topping the decentralized rankings with nearly $36 billion in 24-hour trading volume. Lighter, founded in 2022, raised $68 million in funding after its mainnet launch. Over the past 30 days, onchain perpetual futures generated about $972 billion in trading volume, with Lighter, Aster, and Hyperliquid leading the way.

Read more at Cointelegraph: Onchain Perps Drove Crypto Derivatives Growth in 2025