Crypto: Onchain exchanges explode with $972 billion in perpetual contracts

Even when the temperature of the crypto market drops, some thermometers continue to show spectacular rises. Far from the media tumult around the price of bitcoin or the volatility of memecoins, another part of the industry is charting its course. Onchain perpetual contracts, discreet but formidable, are exploding in volume and usage. This dynamic, less visible, suggests that market balance is no longer just a result of 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 look for performance. Today, crypto traders are rushing to these leveraged derivativescapable of increasing gains… or losses tenfold. All this, without ever touching the spot markets.

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

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

This change in approach can be explained by composability. In DeFi, perps are no longer just risky bets. They become financial primitives, integrated into liquidity pools, lending protocols, or even used as collateral. The ecosystem recycles them, integrates them, combines them. We no longer just speculate with it: we build around it.

Boosted DeFi: DEXs redefine performance

While CEXs are consolidating, DEXs are emancipating. Decentralized trading platforms like Lighter, Aster or Hyperliquid display volumes that would put some centralized giants to shame. Over the last 30 days, they together total nearly $972 billion in volume in onchain perpetual contracts. Lighter in the lead, with $203 billion, closely followed by Aster ($171.8 B) and Hyperliquid ($160.6 B).

But the numbers don't tell everything. What’s changing is technology. Lighter, for example, combines high-frequency performance and 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 tweetthe team explains:

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

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

Equity perps: crypto is taking classic finance by storm

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

With 24/7 accessibility, these derivatives could turn weekends into a stock market playground for the global crypto community. The issue? Make markets more open, more fluid, more constant.

In this context, the boundary between traditional finance and crypto is blurring. Global demand for liquid, effective and flexible products is propelling perps to the center of the game. And it is no longer just the business of speculators. Protocols use them to boost returns, manage risks and stabilize portfolios.

Points to remember: figures and key facts

• $972 billion: Cumulative volume of onchain perps in 30 days (DeFiLlama data);
• $1.2 T: Maximum monthly volume reached at the end of 2025 on DEXs according to Duong;
• 188,000 unique accounts on Lighter (Ethereum L2), with 50,000 active per day;
• 3 platforms dominate: Lighter, Aster and Hyperliquid (nearly $535 B alone);
• BTC price: around $41,000 currently, in a wait-and-see market context.

Last October, Hyperliquid reached a key milestone with the implementation of the HIP-3 protocol. This turning point opened access to perpetual markets to a wider audience, further strengthening the onchain dynamic. Proof that the transformation of the crypto market is not only happening on the surface: it is also taking place in the technical and structural foundations of DeFi.