Perp Volume Tripled by 2025: The Reigning Kings Are DEAD 🤯
Analysis: This content is a mix of market observation and fundamental shift in the derivatives space, leaning towards Scenario B (Macro/Fundamental Analysis) due to the focus on industry structure, liquidity rotation, and historical volume data, rather than a specific short-term trade setup. The tone should be insightful and analytical.
The perpetual trading landscape has completely flipped, moving from Hyperliquid dominance to fierce competition. 🚀
Liquidity rotation, heavily fueled by memecoins, pushed Perp volume to an ATH of $1.8T in October before settling back down to $864M by year-end.
The new top trio—$LITER, $ASTER, and Hyperliquid—now share remarkably similar trading volumes, signaling true market fragmentation.
Former giants like Jupiter, dYdX, and $GMX are clearly losing ground in this rapidly evolving derivatives race.
#CryptoMarket #Perpetuals #DeFiInsights 🧐
