CryptoRank: The perpetual contract market's trading volume will grow more than 3 times by 2025, with Lighter and Aster leading the way

According to CryptoRank data, the perpetual contract market experienced a dramatic change in 2025, with trading volume increasing more than threefold, soaring from $251 billion in January to $836 billion in December, and reaching an all-time high of $1.8 trillion in October.

The market, once nearly monopolized by Hyperliquid, has transformed into a highly competitive landscape. Driven mainly by the rotation of memecoin liquidity, December data shows that Lighter led with a trading volume of $198.4 billion, followed closely by Aster ($177.3 billion) and Hyperliquid ($172.4 billion), with the trading volumes of the three being quite close.

It is noteworthy that Jupiter ($32 billion), dYdX ($8.9 billion), and GMX ($8.4 billion), which were among the top contenders in January, have now exited the ranks of major competitors.