CryptoRank data show the market’s fastest expansion came in 2024-2025, when cumulative volume rose 200% as Hyperliquid and other perpetual DEXs drove growth.
Cumulative on-chain perpetual futures trading volume has surpassed $15 trillion, according to CryptoRank data, underscoring how quickly decentralized derivatives have gained traction. The market’s steepest expansion came in 2024-2025, when volume rose 200%, with Hyperliquid and other perpetual DEXs (decentralized exchanges for futures-like crypto contracts) leading the increase as the sector broadened. Since January 2026, Hyperliquid has held the largest share of activity, accounting for 30% of total volume.