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CryptoRank: Perpetual Contract Market Volume Surges 3x in 2025, Lighter, Aster Lead

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Perpetual contract trading volume surged more than threefold in 2025, increasing from $251 billion in January to $836 billion in December, with a peak of $1.8 trillion in October. Lighter led in December with $1,984 billion in trading volume, followed by Aster ($1,773 billion) and Hyperliquid ($1,724 billion). Memecoin liquidity rotation fueled the competition, pushing Jupiter, dYdX, and GMX out of the top rankings.

According to ChainCatcher, data from CryptoRank shows that the perpetual contract market experienced a dramatic transformation in 2025, with trading volume surging more than threefold—from $251 billion in January to $836 billion in December—and reaching a historic high of $1.8 trillion in October. The market, which was previously nearly monopolized by Hyperliquid, has now become highly competitive. Driven primarily by meme coin liquidity rotations, December data shows that Lighter led with $1.984 trillion in trading volume, followed closely by Aster ($1.773 trillion) and Hyperliquid ($1.724 trillion), with the three platforms' volumes nearly matching. Notably, Jupiter (which had $32 billion in volume in January), dYdX ($8.9 billion), and GMX ($8.4 billion) have all dropped out of the top tier of major competitors.

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