Monthly trading volume of perpetual futures exceeds 1 trillion USD, ushering in an era of explosive DeFi composability

The on-chain perpetual futures market is experiencing unprecedented expansion. According to the latest market data, the monthly trading volume of decentralized derivatives exchanges has surpassed the $1 trillion mark in recent months, marking these high-leverage tools as core infrastructure in the DeFi ecosystem rather than just fringe speculative instruments. Coinbase Research Director David Duong pointed out that the shift in trader behavior patterns and the maturation of decentralized platforms are driving perpetual futures to become composable primitives in DeFi, rather than isolated speculative tools.

Why Have Perpetual Futures Suddenly Risen? The Deep Logic of Market Structure

Against the backdrop of relatively subdued altcoin markets, perpetual futures are filling the gap in trading activity. Unlike traditional futures, perpetual contracts allow traders to leverage without an expiration date, making them ideal tools for hedging volatility risks or amplifying gains. Data from DeFiLlama shows that in the past few months, the processing volume of perpetual futures on decentralized platforms exceeded $972 billion, reflecting strong market demand for derivative tools.

This surge in demand is no coincidence. As spot markets slow down, leverage trading becomes the natural choice for traders seeking high returns. More importantly, the new generation of decentralized exchanges now offers liquidity and trading experiences comparable to traditional centralized exchanges, breaking the old perception of DEX derivative platforms.

Three Major Platforms Compete Fiercely: Perpetual Futures Battle on the Layer 2 Battlefield

The prosperity of the perpetual futures market has fueled fierce competition among decentralized exchanges. Recent data shows that Lighter, Aster, and Hyperliquid have become market leaders, each demonstrating different growth trajectories.

Lighter leads with approximately $203 billion in trading volume. Founded in 2022 and supported by $68 million in funding, this platform recently surpassed veteran competitor Hyperliquid in weekly trading volume, reaching $30.9 billion. Next is Aster, with a monthly trading volume of $171.8 billion, ranking second. Although Hyperliquid’s trading volume is $160.6 billion, placing it third, it once hit a monthly peak of $319 billion in July, demonstrating strong market influence.

Since its debut in September 2025, Aster quickly captured over half of the perpetual contract DEX trading volume, highlighting the competitiveness of new entrants in liquidity and user attraction. Meanwhile, Lighter’s recent launch of the LIT token, with a trading scale of $4.7 billion, further consolidates its market position. Behind these figures lies the rapid iteration and intense competition within the Layer 2 ecosystem.

Composability: The Next Transformation Direction for Perpetual Futures

The future potential of perpetual futures lies not only in expanding trading volume but also in their deep integration with the entire DeFi ecosystem. In Coinbase’s 2026 outlook, David Duong emphasized a key trend: perpetual futures are transforming from highly specialized leverage tools into composable underlying infrastructure.

What does this mean? It means perpetual futures will no longer operate independently but will be integrated with DeFi Lego blocks such as lending protocols, yield farming, and tokenized assets. According to Duong’s analysis, such integration can create new value across multiple dimensions:

First, perpetual futures can provide dynamic hedging layers for liquidity pools, making risk management more refined. Second, they can serve as the basis for interest rate derivatives, opening new doors for fixed-income strategies. Third, perpetual futures can act as collateral within lending protocols, further improving capital efficiency. These combinations will generate synergistic effects, enabling market participants to hedge risks while earning passive income.

This push for composability is expected to open up new horizons for capital efficiency and attract institutional capital.

New Frontiers: Opportunities in Stock Perpetual Futures and Tokenized Assets

Beyond deepening applications in cryptocurrencies, stock perpetual futures are becoming the next growth engine. Duong pointed out that stock perpetual futures combine the advantages of 24/7 trading in crypto markets with the demand for trading outside traditional stock market hours. As retail participation in the US stock market continues to grow globally, tokenized stocks are poised to disrupt existing market structures, providing retail traders with round-the-clock exposure to US equities.

This trend will have far-reaching impacts. Tokenized derivatives are moving from the fringes of crypto trading toward core composable DeFi infrastructure, while also preparing for large-scale inflows of retail capital. This is not just a technological iteration but a fundamental reshaping of financial infrastructure.

The Key Test in 2026: Balancing Opportunities and Risks

Analysts see 2026 as a critical year for the perpetual futures ecosystem. As regulatory environments mature, perpetual futures are expected to deeply integrate with advanced technologies such as AI-driven agents, zero-knowledge proofs, and real-world asset (RWA) tokenization, opening a new chapter in DeFi.

However, potential risks cannot be ignored. High-leverage tools amplify volatility and systemic risks. As crypto derivatives trading volume approaches that of traditional financial markets, regulatory scrutiny will inevitably follow, potentially constraining industry growth. Additionally, market participants should remain vigilant against liquidity crises and chain reactions from extreme market events.

Despite these risks, current positive signals remain encouraging. Bitcoin stabilizes near $87,000, and DeFi total value locked exceeds $200 billion, indicating ongoing institutional capital inflows. As the perpetual futures ecosystem matures and its composability advances, future DeFi financial infrastructure will become more diverse, efficient, and resilient. Perpetual futures will grow from fringe tools into key drivers of industry evolution.