2025 Sees Threefold Surge in On-Chain Perpetual Contract Market Volume
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 09 2026- Surge in Trading Volume: The on-chain perpetual contract market volume skyrocketed from $251 billion in January to an all-time high of $1.8 trillion in October 2025, indicating a significant increase in market liquidity and attracting broader participation.
- Shifting Competitive Landscape: Aster and Lighter emerged as key players with trading volumes of $177.3 billion and $198.4 billion respectively, challenging the previously dominant Hyperliquid, marking a substantial shift in market dynamics.
- Increased Innovation and Participation: Driven by memecoin liquidity, intensified competition is encouraging more new entrants, which may lead to a reshuffling of fee distribution and revenue models among major players.
- Heightened Regulatory Challenges: Industry experts suggest that the shift towards decentralized trading platforms could provoke increased scrutiny from regulatory bodies, reflecting historical trends where innovation often precedes regulatory adaptation.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
