Wu said that, according to CryptoRank statistics, the on-chain perpetual contract trading volume in 2025 increased by more than three times year-on-year, and the track landscape shifted from near-monopoly by Hyperliquid to high competition. Influenced by memecoin liquidity rotation, Perps trading volume reached a record high of $1.8 trillion in October, then fell back to $864 billion by the end of the year. Currently, Lighter, Aster, and Hyperliquid have similar trading volumes, while previous leading platforms like Jupiter, dYdX, and GMX are temporarily behind.

JUP-1.34%
DYDX3.83%
GMX-0.42%
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