[In 2025, Perpetual Contract DEX Trading Volume Reaches Approximately $7.9 Trillion, Aster and Lighter Trading Volume Surpasses Hyperliquid for Two Consecutive Months] According to Foresight News, citing DeFiLlama data, the cumulative trading volume of perpetual contract decentralized exchanges (Perp DEX) reached approximately $12.09 trillion by the end of 2025, nearly doubling from $4.1 trillion at the beginning of the year. In 2025 alone, approximately $7.9 trillion in trading volume was generated, accounting for 65% of the historical total. Trading activity was primarily concentrated in the second half of 2025, with trading volume reaching $5.74 trillion, accounting for 73% of the annual total. Monthly trading volumes in October, November, and December each exceeded $1 trillion. The competitive landscape of the Perp DEX market shifted in Q4, with Aster and Lighter surpassing Hyperliquid in monthly contract trading volume during November and December.