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Onchain perpetual futures have been one of 2025’s breakout market segments, with the sector recording another all-time high in July.
According to analytics platform Artemis, decentralized perpetual protocols processed $399 billion of trading volume in July, outpacing their previous all-time high of $311 billion in June by 28%.
Decentralized Perpetuals Volume – Artemis
The sector is led by Hyperliquid, which accounts for nearly 80% of onchain perpetuals volumes, followed by protocols such as ApeX, Drift, and dYdX. Hyperliquid’s volume surged after its token generation event (TGE) in November 2024. Prior to its token launch, the exchange cleared between $25 and $35 billion in volume per month, while post-TGE volumes have ranged between $160 billion and $315 billion.
While Hyperliquid’s growth bodes well for DeFi adoption, major centralized exchanges (CEXs) continue to dominate the overall perpetuals market. Binance, the world’s leading crypto exchange, processes daily volumes of between $30 billion and $200 billion.
Binance Perpetuals Volume – CoinGecko
The market sector’s expansion comes as U.S.-based brokers and exchanges, such as Coinbase and Robinhood, roll out their own perpetual offerings amid a friendlier regulatory climate.
Coinbase launched the first U.S.-regulated perpetuals platform in July, and Robinhood announced in May that it would offer perpetual derivatives to Europe-based customers in 2025.
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