Crypto derivatives trading accelerated sharply in 2025 as traders increasingly turned to onchain perpetual futures, pushing monthly volumes past the $1 trillion mark, according to analysis from Coinbase researcher David Duong. Key Takeaways: Onchain perpetual futures topped $1T monthly volume as traders chased leverage in 2025. Decentralized platforms led the shift, gaining share from centralized derivatives venues. Equity perpetuals could be the next growth frontier for onchain derivatives. By l ...