Onchain Perpetuals Top $1T Monthly Volume as Crypto Traders Chase Leverage

Core Insights - Crypto derivatives trading experienced significant growth in 2025, with monthly volumes surpassing $1 trillion, driven by a shift towards onchain perpetual futures [1][2][8] Group 1: Market Dynamics - By late 2025, decentralized exchanges processed over $1 trillion in monthly perpetual futures volume, rivaling centralized venues [2] - Traders turned to perpetual futures for leverage as opportunities in spot markets diminished, allowing for leveraged exposure to price movements without expiration [3][4] - The unprecedented leverage available in perpetual futures has attracted traders, enabling control of large positions with minimal capital [4] Group 2: Platform Competition - The growth in trading volume has intensified competition among onchain perpetual futures platforms, with Hyperliquid gaining traction after launching its platform in late 2023 [7] Group 3: Future Trends - There is a growing confidence in onchain infrastructure, with improvements in execution, liquidity, and user experience noted [5] - Equity perpetual futures are anticipated to be the next major growth area, potentially integrating crypto trading with demand for exposure to US equities outside traditional hours [5][6] - Perpetual futures are evolving into core components within decentralized finance (DeFi) markets, moving beyond high-leverage trading vehicles [6]