Crypto: Onchain trading explodes with $972 billion in perpetual contracts

Even when the crypto market temperature drops, some thermometers continue to show spectacular rises. Far from the media turmoil around bitcoin price or memecoin volatility, another segment of the industry charts its own course. Onchain perpetual contracts, discreet but formidable, explode in volume and usage. This less visible dynamic suggests that market balance no longer depends solely on speculation: it is now anchored in the very structure of DeFi.

Perps: from speculation to DeFi infrastructure

Once reserved for a handful of insiders, perpetual futures are now anchored at the heart of DeFi strategies. No need to wait for an “altseason” to chase performance. Today, crypto traders rush towards these leveraged derivatives, capable of multiplying gains… or losses. All without ever touching spot markets.

David Duong, researcher at Coinbase, speaks of massive use of perps to compensate for the lack of movement in altcoins. And he adds:

The unprecedented leverage level offered by perps has allowed traders to amplify their exposure and potential profits (or losses) with low capital. We believe this appeal was particularly strong, as spot markets of altcoins remained relatively stagnant over the past year.

This shift in approach is explained by composability. In DeFi, perps are no longer just risky bets. They become financial primitives, integrated into liquidity pools, lending protocols, even used as collateral. The ecosystem recycles, integrates, and combines them. Speculation is no longer the only purpose: new infrastructures are built around them.

Boosted DeFi: DEXs redefine performance

While CEXs consolidate, DEXs emancipate. Decentralized trading platforms like Lighter, Aster, or Hyperliquid show volumes that would make some centralized giants blush. Over the last 30 days, together they total nearly $972 billion in onchain perpetual contract volume. Lighter leads with $203 billion, closely followed by Aster ($171.8B) and Hyperliquid ($160.6B).

But numbers don’t tell the whole story. What changes is the tech. Lighter, for example, combines high-frequency performance with next-generation infrastructure. Thanks to its ZK circuits on Ethereum L2, the platform guarantees both speed and verifiability. No more deposit caps or invitation codes: the door is open.

In a founding tweet, the team explains:

Trade low-cost, low-latency perpetual contracts on Ethereum L2 using customized ZK circuits allowing verifiable matching and liquidations. Discover onchain trading at the performance level of high-frequency markets.

With over 188,000 unique accounts and 50,000 active users per day, Lighter demonstrates that DeFi can combine inclusivity, performance, and transparency.

Equity perps: crypto storms traditional finance

The other playground for perps? It’s no longer just Ethereum or Solana. It’s stocks. Duong mentions the upcoming arrival of equity perps: perpetual contracts based on tokenized stocks. A way to expose traders to Nasdaq or S&P 500 shares… without going through Wall Street.

With 24/7 accessibility, these derivatives could turn weekends into stock market playgrounds for the global crypto community. The challenge? Making markets more open, fluid, and constant.

In this context, the line between traditional finance and crypto blurs. Global demand for liquid, efficient, and flexible products propels perps to the center stage. It’s no longer just a matter for speculators. Protocols use them to boost yields, manage risks, and stabilize portfolios.

Key takeaways: figures and highlights

• $972 billion: Cumulative onchain perps volume in 30 days (DeFiLlama data);
• $1.2T: Maximum monthly volume expected by end 2025 on DEXs according to Duong;
• 188,000 unique accounts on Lighter (Ethereum L2), with 50,000 active daily users;
• 3 platforms dominate: Lighter, Aster, and Hyperliquid (nearly $535B combined);
• BTC price: around $41,000 currently, in a cautious market context.

Last October, Hyperliquid reached a key milestone with the implementation of the HIP-3 protocol. This turning point opened perpetual markets to a wider audience, further strengthening the onchain momentum. Proof that the crypto market transformation isn’t just on the surface: it also occurs in DeFi’s technical and structural foundations.