Onchain perpetual futures platforms now account for roughly 14.9% of total perp trading volume, a share that has climbed steadily over the past 18 months. Combined trading volumes across major centralized exchanges fell to $4.41 trillion in May 2026, the lowest figure recorded since September 2024. Hyperliquid dominates the onchain segment with 30-day trading volumes ranging between $180B and $245B, commanding more than 70% of total onchain perp volume at its peak. Aster reached approximately 14.9% of weekly onchain trading volumes in September 2025, highlighting the emergence of credible competitors. The shift to non-custodial trading, allowing users to retain control of their funds, is driving this market transformation, corroborated by DefiLlama data and Pantera Capital analysis.
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