According to CryptoRank data, the perpetual contract market experienced a dramatic change in 2025, with trading volume increasing by over 3 times, soaring from $251 billion in January to $836 billion in December, and reaching a record high of $1.8 trillion in October.
The market, which was previously dominated almost entirely by Hyperliquid, has shifted to a highly competitive landscape. Driven mainly by memecoin liquidity rotation, December data shows that Lighter led with $198.4 billion in trading volume, followed closely by Aster ( with $177.3 billion ) and Hyperliquid ( with $172.4 billion ), with all three nearing similar trading volumes.
Notably, Jupiter, which was among the top players in January with $32 billion, along with dYdX with $8.9 billion, and GMX with $8.4 billion, have now exited the main competitive ranks.
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