CryptoRank: Perpetual Contract Market Trading Volume to Grow Over 3 Times by 2025, Lighter and Aster Leading

CoinVoice · 2026-01-09T12:11:42+00:00

In 2025, the perpetual contract market experienced a dramatic transformation, with trading volume increasing from 251 billion to 836 billion, reaching a record high of 1.8 trillion. Market competition intensified, with Lighter, Aster, and Hyperliquid emerging as leaders, while former frontrunners Jupiter, dYdX, and GMX have exited major competition.

CoinVoice

2026-01-09 12:11:42

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CoinVoice has learned that, according to CryptoRank data, the perpetual contract market experienced a dramatic change in 2025, with trading volume increasing by over 3 times, soaring from $251 billion in January to $836 billion in December, and reaching a record high of $1.8 trillion in October.

The market, which was originally dominated almost entirely by Hyperliquid, has shifted to a highly competitive landscape. Driven mainly by memecoin liquidity rotation, December data shows that Lighter led with $198.4 billion in trading volume, followed closely by Aster ( with $177.3 billion ) and Hyperliquid ( with $172.4 billion ), with their trading volumes approaching each other.

Notably, Jupiter, which was among the top players in January with $32 billion, along with dYdX ($8.9 billion) and GMX ($8.4 billion), have now exited the main competitive ranks.

LIT-12,64%

ASTER4,04%

HYPE-4,25%

MEME0,96%

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