According to 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 concentrated in the second half of 2025, reaching $5.74 trillion, accounting for 73% of the total for the year. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The competitive landscape of the Perp DEX market changed in Q4, with Aster and Lighter both surpassing Hyperliquid in monthly contract trading volume in November and December.