On-Chain Perpetual Futures Hit $15 Trillion in Cumulative Trading Volume

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According to CryptoRank data released on July 23, on-chain perpetual futures have surpassed $15 trillion in cumulative trading volume. The market experienced significant growth of 200% during 2024-2025, driven by the expansion of platforms like Hyperliquid. Hyperliquid has maintained market leadership since January 2026, accounting for 30% of total trading volume.
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