2026-01-09 00:27:56

The perpetual contract market in 2025 is experiencing explosive growth, with trading volume more than tripling compared to last year. The market landscape has also undergone a fundamental shift — the previously almost monopolized Hyperliquid scene has been completely dismantled, replaced by a new era of fierce competition among multiple platforms.

The main driver of this growth comes from the rotation of liquidity from the memecoin market. Data shows that perpetual contract trading volume hit a record high in October, reaching $1.8 trillion. However, as the year-end approaches, this heat has somewhat cooled, with trading volume pulling back to $8.64 billion by the end of the year, but the overall trend remains strong. The intensifying competition in the perpetual contract market indicates that the derivatives sector is entering a new stage of development.

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down_only_larry

· 01-11 22:00

Perpetual contracts triple? Honestly, memecoin investors have moved on after cashing out their gains. --- Hyperliquid monopoly is broken, now that's real competition, but trading volume has shrunk by more than half by the end of the year... where's the hype? --- Wait, 1.8 trillion on October 1st, only 864 million at the end of the year? How is this data calculated? Almost a 99% drop? --- Multiple competitors are indeed good, but I'm worried that ultimately funds will still flow to the top players, and retail investors will still get cut. --- New phase in the derivatives track? It feels like liquidity rotation. This year's perpetual contracts might cool off next year. --- Whether it triples depends on what happens next. Such a rapid increase usually doesn't end well.

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NFTragedy

· 01-09 14:26

Hyperliquid's days of dominance are truly over, now things are getting interesting --- Memecoin vampire finally let go of perpetual contracts? But this correction is a bit fierce... --- Is the tripling real? Are we going crazy making profits this wave haha --- Another wave of "New Era," I'm tired of hearing this phrase, but indeed the market is changing --- What does 1.8 trillion USD on October 1st mean? How much of this data is water? --- The happiest thing about multi-platform competition is us, the users who scoop up the leftovers --- Hyperliquid isn't cooled down yet, don't celebrate too early --- Is the liquidity coming from meme rotations reliable? Feels a bit虚 --- Derivatives track is starting to compete fiercely again, wow --- The year-end correction to 864 million, that gap is a bit outrageous...

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Ser_APY_2000

· 01-09 11:52

Perpetual contracts are about to take off, but this wave of memecoin rotation seems a bit fake... --- Hyperliquid's monopoly has finally been broken; competition is what drives industry progress, right? --- From 1.8 trillion down to 864 million, this correction... can it still be called strong? --- Multiple platforms competing—who will still be around in the end—that's the real core issue haha --- Liquidity is just moving somewhere else; without new inflows, there's no point in bragging --- Is the 1.8 trillion in October real money or a bubble? That’s a question that needs to be answered clearly --- New phase in the derivatives track? I see it more like a scythe changing its angle to cut

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MemeEchoer

· 01-09 00:51

Haha, Hyperliquid has been breached, there should have been competitors long ago. Is this wave of perpetual contracts really relying on memecoin liquidity? Wait, I need to see who made a fortune. 10 trillion on October 1.8? Damn, this number is outrageous. The trading volume has pulled back so much, is it time to start spinning stories again? It's good to have multiple platforms competing, but I'm worried it will just end up with a few oligopolies monopolizing. I just want to know who the money ultimately flows into. Who is actually increasing volume in this sector right now?

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NFTRegretter

· 01-09 00:50

Perpetual contracts tripling, Hyperliquid's days are about to get tough --- All the meme coin money flowing out is pouring into this, no wonder it's so hot --- October's 1.8 trillion, what the heck, why did it shrink so much by the end of the year? Is this a rebound or just a false fire? --- Multi-platform competition is good, during Hyperliquid's monopoly period it was really expensive and slow --- Liquidity rotation… basically just cutting the grass on another group of people --- This data looks intimidating, but with so many platforms, could it actually disperse risk? --- It's normal for the enthusiasm to decline at the end of the year, can there be another surge before the Spring Festival? --- The derivatives track is starting to become competitive, which is really not good news for retail investors

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PositionPhobia

· 01-09 00:49

Breaking the monopoly by Hyperliquid should have happened a long time ago, but 864 million really pulled back quite sharply. Memecoin made a lot of money in that wave. Now, how does everyone feel about switching to perpetual contracts? What does 1.8 trillion on October 1st mean? I totally missed that wave. Intense competition might not necessarily be good for retail investors; slippage will cost more. I just want to know if it's still too late to enter contracts now. Tripling profits, but why does it feel like my account isn't moving? Every time the hype cools down, I start to get nervous. It's a problem.

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SighingCashier

· 01-09 00:32

Tripling? Oh my god, Hyperliquid has really been wiped out this time. Wait, did it come from the memecoin rotation? That means meme is doomed. 1.8 trillion to 864 million, this correction is quite fierce... Competition is heating up, which platform should retail investors choose? There has indeed been some movement in perpetual contracts, but how long can this hot trend last?

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GhostAddressHunter

· 01-09 00:28

Traders have finally woken up and are no longer just focusing on Hyperliquid Has Hyperliquid fallen from the pedestal? Things are getting interesting now The 1.8 trillion wave on October 1st was incredible. Now it's dropping back again... Is memecoin bleeding this badly? Perpetuals are also affected It feels like this happens every time—after the peak, it starts to decline. Is it really stable? Is more competition really good or bad for retail investors?

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