Perp-DEX sector experiences massive expansion: Aster and Lighter push back Hyperliquid

Decentralized perpetual contract exchanges are experiencing unprecedented growth in 2025. Current data from DeFiLlama shows that the trading volume in the Perp-DEX sector has totaled $12.09 trillion by the end of 2025 – a rise from the initial $4.1 trillion at the beginning of the year. This represents a doubling of the entire historical volume within a single year.

Exponential growth in the second half of the year

The extent of the expansion becomes clear when looking at the temporal distribution: Of the $7.9 trillion in trading volume generated in 2025, an astonishing 73 percent occurred in the second half of the year. This means that in just the last six months, $5.74 trillion was allocated. The acceleration was particularly dramatic in the final quarter – October, November, and December each surpassed the $1 billion monthly trading volume mark.

Shift in market leadership

Especially noteworthy is the restructuring of the competitive landscape among the leading protocols. In the fourth quarter, there was a significant shift in market dominance. Aster and Lighter, two emerging players in the Perp-DEX ecosystem, surpassed the previous heavyweight Hyperliquid in monthly contract trading volume in November and December. This development signals a growing diversification of the market and increased competition for trading volumes and user base.