On‑chain perpetuals don pass $1T a month as DeFi perps don become composable

Coinbase research lead David Duong yarn say per e‑chain perpetual futures (perps) don pass $1 trillion for monthly trading volume for 2025 as traders sidon move enter leveraged exposure for decentralized exchanges. For the most recent 30 days, on‑chain perps handle about $972 billion, top by Lighter (~$203B), Aster (~$171.8B) and Hyperliquid (~$160.6B). Notable peaks include Hyperliquid’s ~ $319B monthly high for July and Aster nearly $36B 24‑hour volume soon after e launch for September. Drivers dem mention include small altcoin spot rallies, attractive leverage on perps, better on‑chain execution and liquidity, plus growing trust for self‑custodial infrastructure. Duong talk say perps dey evolve from isolated high‑leverage tools to composable DeFi primitives we fit integrate with lending, yield farming and tokenized real‑world assets (RWA), make dynamic hedging, new rate products and wider collateral use possible. E still flag tokenized equity perpetuals (stock perps) as likely next growth frontier. Risks dey remain: amplified volatility from leverage, higher systemic leverage, and rising regulatory scrutiny as volumes near traditional derivatives markets. Analysts expect 2026 go important for composability, with possible synergy from AI trading agents and zero‑knowledge tech. For traders, the trend mean better capital efficiency and new strategy layers but also higher tail risk from leverage and regulation.