2026-01-09 11:25:49

The on-chain perpetual contract market is undergoing dramatic changes. According to the latest statistics, the trading volume in this sector in 2025 has increased by over 3 times compared to last year, and the competitive landscape has completely shifted—from once dominated by a single player to a now multi-hero scenario.

Behind these numbers is a true reflection of the market. In October last year, the trading volume of perpetual contracts hit a record high of $1.8 trillion, mainly driven by liquidity rotation in memecoins. However, by the end of the year, this figure retraced to $864 billion, reflecting the market's cyclical fluctuations.

The most interesting change has occurred at the platform level. Hyperliquid, which once nearly monopolized the market, now has trading volumes approaching those of emerging platforms like Lighter and Aster. The three platforms now exhibit a balanced competitive stance. This shift indicates that more and more traders are diversifying risk and seeking better experiences across different platforms, accelerating the trend toward sector diversification.

MEME-0.02%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

17 Likes

Reward
17
5
Repost
Share

Comment

0/400

just_vibin_onchain

· 14h ago

Hyperliquid really can't sit still anymore, didn't expect to be caught up so quickly --- 3x growth? Damn, this market trend is really fierce, gotta quickly see how Lighter is doing --- Dispersing risk sounds good in theory, but it's actually just because they're afraid of a single platform exploding haha --- Falling from 1.8 trillion to 864 billion, this correction is pretty harsh, memecoin liquidity is indeed虚 --- It's true that multiple giants are emerging, whoever can break out next will depend on luck --- Wait, does perpetual contracts really have such a large growth in volume? I find it hard to believe --- Diversified competition is good, monopoly is the most annoying, at least now there's a choice --- Aster's dark horse appearance was a bit sudden, the backing capital must be extraordinary --- How long can the tripartite situation last, or will a new unicorn emerge again --- These data look great, but when it comes to actual trading, it's still quite overwhelming

View OriginalReply0

Blockchainiac

· 14h ago

Oh my, Hyperliquid is also starting to get attacked? This time, perpetual contracts are really about to be reshuffled. --- A 3x increase sounds crazy, but why do I feel the risk has also tripled? --- The rise of Lighter and Aster is quite interesting; finally, we don't have to be eaten alive by Hyperliquid. --- From 1.8 trillion to 864 billion, this pullback is indeed a bit fierce; memecoin's fault must be borne. --- Diversifying risk across multiple platforms sounds good, but in reality, people still just go where the fees are lowest. --- Are multiple giants rising? It's still those big players cutting leeks, just on different platforms. --- Is Hyperliquid really declining, or has the market heat just shifted? --- Periodic fluctuations are normal; the key is not to get trapped. So true. --- The race in perpetual contracts is getting more intense; it's discouraging newcomers.

View OriginalReply0

Lonely_Validator

· 14h ago

Manipulating multiple platforms just fears a concentrated explosion of problems --- 1.8 trillion to 864 billion, this wave of correction is indeed fierce --- Hyperliquid got caught up? Honestly, I didn't expect that --- Diversification is really necessary, otherwise if a platform crashes one day, it's game over --- The driving force behind meme coins is really not bragging --- It's good to see multiple heroes rising, but traders will have to pay more attention --- Diversification of tracks is actually a good thing, as competition can push innovation

View OriginalReply0

CryptoCrazyGF

· 14h ago

The days of hyperq monopoly are truly gone, now everyone wants a piece of the pie. This data surge is quite fierce... The liquidity rotation of memecoins has turned the contract market upside down. Are lighter and aster rising? Didn't expect such fierce competition, it feels like I need to choose a platform again. A threefold increase indicates the market is still expanding wildly, but the volatility is also huge... from 1.8 trillion to 864 billion, that takes a strong heart. The situation where multiple players emerge shows there is no absolute king now, diversification of risk is the right approach. Perpetual contracts are really heating up, traders are now much smarter than before. Can this competitive trend continue, or is it just another passing wave?

View OriginalReply0

NftBankruptcyClub

· 14h ago

Perpetual contracts are rolling up, Hyperliquid is also having its day This data is shocking, a 3x increase? Feels inflated Why are Lighter and Aster suddenly so fierce? Is there an insider story? Falling from 1.8 trillion to 864 billion, oh my god, who took over the position? Diversifying risk sounds good, but actually it means no one trusts a single platform anymore The perpetual contract market is truly different this time, the landscape has become fragmented A dominant player becoming the king of internal competition, this is the power of competition

View OriginalReply0