Onchain Perpetuals Shatter $1 Trillion Monthly Volume as Crypto Traders Go All-In on Leverage

Crypto's derivatives engine just hit a new gear—and it's running on pure adrenaline.

The $1 Trillion Leverage Rush

Forget quiet accumulation. The latest surge in onchain perpetual futures volume screams one thing: traders aren't just betting on price; they're turbocharging their exposure. That twelve-zero monthly figure isn't a quiet milestone—it's a siren call from the risk-on frontier of finance.

Why Perpetuals Are Eating the World

These instruments cut out the traditional expiry date, letting positions roll indefinitely. They bypass the clunky settlement cycles of legacy markets, offering 24/7 leverage that traditional finance can only dream of—or nervously regulate against. It's the ultimate expression of crypto's 'always-on' trading ethos.

The Mechanics of the Mania

Funding rates become the heartbeat of the market, silently shifting between longs and shorts to keep contracts tethered to spot prices. It's a self-correcting system—until sentiment gets too one-sided. That's when the real volatility begins, often fueled by cascading liquidations that can wipe out over-leveraged positions in minutes. A cynic might note it's the perfect casino: the house always wins on fees, while traders chase the dragon of 100x returns.

A New Risk Paradigm

This isn't your grandfather's regulated futures pit. The infrastructure is decentralized, the access is global, and the guardrails are often self-imposed. It represents a massive, real-time experiment in what happens when leverage is democratized—for better and for worse. One veteran's jab says it all: 'It's the fastest way to turn a Bloomberg terminal into a paperweight.'

The trillion-dollar question isn't about the volume—it's about what happens when the music stops. For now, the dance floor is packed, and everyone's reaching for the leverage dial.

Crypto Traders Turn to Perpetual Futures as Leverage Replaces Spot Gains

With fewer opportunities for outsized gains in spot markets, traders instead sought leverage through perpetual futures to boost returns.

Perpetual futures, commonly known as perps, allow traders to gain Leveraged exposure to price movements without an expiration date.

Duong noted that the “unprecedented degree of leverage” available in these instruments has made them especially attractive, enabling traders to control large positions with relatively small amounts of capital.

The growth has been led primarily by decentralized trading platforms rather than centralized exchanges.

Onchain venues such as Aster and Hyperliquid accounted for a significant share of the activity, underscoring a broader shift toward self-custodial derivatives trading.

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According to Duong, this trend reflects growing confidence in onchain infrastructure and improvements in execution, liquidity and user experience.

Looking ahead, Duong suggested that equity perpetual futures could emerge as the next major growth area.

Tokenized stock derivatives could combine crypto’s always-on trading environment and leverage with demand for exposure to major US equities outside traditional market hours.

Such products WOULD extend the reach of perpetual futures beyond crypto-native assets and deepen their integration into decentralized finance.

“We think perpetual futures are evolving beyond isolated, high-leverage trading vehicles and are becoming core, composable primitives within DeFi markets,” Duong said.

Competition Heats Up Among Onchain Perpetual Futures Platforms

Competition among onchain perpetual futures platforms has intensified alongside the volume growth.

Hyperliquid, which launched its perp platform in late 2023, gained broader traction in 2025 after adding spot trading.

Data from DeFiLlama shows the exchange processed roughly $319 billion in trades in July, marking a record month.

Other players have also made rapid gains. Following its token launch in September, Aster briefly topped decentralized perp rankings with nearly $36 billion in 24-hour trading volume, accounting for more than half of total perp DEX activity at the time.

In November, Lighter raised $68 million after launching its public mainnet, adding fresh capital to an increasingly crowded field.

Over the past 30 days alone, onchain perpetual futures generated about $972 billion in trading volume, with Lighter, Aster and Hyperliquid emerging as the leading venues.