Onchain perpetual futures now hold 14.9% of total perp trading volume as CEX volumes hit lows not seen since September 2024.

Hyperliquid hits 263,419 active perpetual traders and captures 69% of on-chain perp activity, with open interest ranging from $8.97B to $10.55B.

On-chain perpetual futures volume surged from 2.5% to 7.8% of total futures volume in 2025, with DEX platforms processing $6.7 trillion in

Onchain perpetual futures now hold 14.9% of total perp trading volume as CEX volumes hit lows not seen since September 2024.