Futures trading breakthrough record: Trading volume soars in 2025, why are centralized exchanges still the main venue

By 2025, the futures market has experienced unprecedented trading enthusiasm. Trading volume data has hit record highs, and this growth is driven by two obvious factors worth noting.

On one hand, on-chain futures protocols represented by Hyperliquid have performed remarkably well, with active on-chain derivatives trading continuously climbing, attracting many users seeking decentralized trading experiences. This reflects a rising demand among users for diversified trading channels, and the on-chain DeFi futures ecosystem is gaining more attention.

On the other hand, centralized exchanges (CEXs) still maintain a dominant market position. Although on-chain futures trading activity has increased, CEXs continue to hold an absolute advantage in trading volume, liquidity, and the number of trading pairs, leading the development of the entire futures trading market.

From a market structure perspective, this reveals a current situation: user demand for futures trading is surging, and a multi-chain and multi-platform competitive landscape is forming. However, due to their comprehensive infrastructure, ample liquidity, and mature trading experience, centralized exchanges remain the first choice for most traders. On-chain futures protocols are gradually gaining market share, but it will take time to shake the fundamentals of CEXs.

This also means that the futures trading market in 2025 will feature a “dual-track” characteristic—CEXs maintaining a core position, while on-chain innovation continues to grow, with both serving different groups of traders’ needs.