The cumulative trading volume on decentralized perpetual futures exchanges (Perp DEX) has officially surpassed $12.09 trillion, according to data highlighted by Cointelegraph and sourced from the aggregator DeFiLlama. A significant portion of this figure — $7.9 trillion — was recorded in 2024, with 73% of the annual volume occurring in the second half of the year, underscoring a sharp surge in activity during this period.
Record Trading Volume on Perp DEX
Over the entire period, the total accumulated volume reached $12.09 trillion, with $7.9 trillion generated in 2024 alone. Approximately $5.77 trillion of the annual volume was concentrated in the latter half of 2024, indicating a focus of trading activity in recent months.
These figures are published based on aggregated data from DeFiLlama and subsequently analyzed in a Cointelegraph report, providing a source for comparing Perp DEX dynamics and assessing the adoption level of perpetual futures products within the decentralized ecosystem.
Changes in the Competitive Landscape
In the early stages of the market, Hyperliquid (HYPE) held a leading position, setting standards for speed and execution on decentralized perpetual platforms. In the second half of 2024, the market became more fragmented: new platforms such as Astar and Lighter emerged and quickly gained popularity, leading to a redistribution of market shares.
This intensifying competition drives product feature development and enhances user experience; notable shifts in market shares are also reflected in evaluations of individual projects, including information on the decline of Hyperliquid in asset dynamics.
Technical Drivers and User Activity Trends
Several technical factors contributed to the growth in volumes and user inflow on Perp DEX. These improvements directly impact execution speed and transaction costs for traders.
- Scalability: advancements in layer-two solutions and specialized chains reduce fees and speed up confirmations.
- AMMs for perpetual swaps: evolution of automated market makers provides tighter spreads and deeper liquidity.
- Interface simplification: moving towards trader-friendly interfaces lowers the entry barrier for new participants.
As a result, these technical changes have enabled intensive use of Perp DEX by both retail and more sophisticated institutional users.
Expert Opinion on Market Maturity
The observed platform diversification is seen as a sign of market maturity: redistribution of shares reduces concentration risk and encourages innovation. At the same time, growth attracts increased regulatory attention, requiring platforms to balance openness with compliance.
The overall conclusion of the publication is that $12.09 trillion is not just a large number, but an indicator that Perp DEX have become a significant part of the trading infrastructure for decentralized derivatives.
Why This Matters
For a miner with 1–1000 devices, changes in Perp DEX trading volume do not directly affect equipment operation or mining profitability. However, growth in the derivatives market influences the overall crypto ecosystem infrastructure and the liquidity of assets you can manage.
If you use mining revenue for trading or hedging on derivatives platforms, it’s important to understand that the emergence of new venues and volume growth means more trading options and varied order execution conditions. At the same time, risk control when trading with leverage becomes increasingly important.
What to Do?
Below are practical steps suitable for miners in Russia with any scale of equipment: manage risks and leverage opportunities without exposing yourself to unnecessary danger.
- Do not change your equipment settings based on this news: Perp DEX volume growth does not affect ASIC or GPU farm operation.
- If you trade derivatives, monitor liquidity and position sizes: control margin and stop levels to avoid forced liquidations and large losses (see examples of cryptocurrency liquidations).
- Use trusted non-custodial solutions and verify protocol audits before transferring funds to new platforms.
- Diversify trading venues: new players offer choice in conditions but check fees and liquidation rules carefully.