Defi Frenzy: Dex and Perpetuals Smash $52.81B in January’s First 4 Days

Uniswap and Hyperliquid Dominate Defi Trading Volumes in 2025

The year 2025 has started with a bang for decentralized finance (defi), as dex and perpetuals platforms reported a staggering $52.81 billion in trading volumes within the first four days of January. The crypto economy’s total value has risen to $3.51 trillion, underscoring the increasing traction of decentralized platforms.

Record-Breaking December Sets the Stage

December 2024 was a banner month for defi, with dex trading volumes reaching $322.25 billion. Uniswap emerged as the leader, contributing over $109 billion to this total. As a pioneer in the automated market maker (AMM) model, Uniswap simplifies token swaps by leveraging liquidity pools.

Similarly, decentralized perpetuals platforms achieved $369.4 billion in volume last month. Hyperliquid led the way with $235 billion, solidifying its position as the dominant force in perpetual futures trading. Built on its own layer one (L1) blockchain, Hyperliquid’s onchain order book offers low latency, high throughput, and professional-grade tools for sophisticated trading.

January’s Frenzy: A Closer Look

In just four days, Uniswap and Hyperliquid have maintained their dominance, contributing $9.48 billion and $10.75 billion, respectively, to the $52.81 billion total.

Below Uniswap is Raydium, a Solana-based dex that has recorded $8.61 billion during the same period. Raydium’s AMM design integrates with Solana’s fast and cost-efficient infrastructure, enabling swift transactions and substantial liquidity.

On the perpetuals front, Jupiter, the second-largest decentralized perps exchange, has reached $2.45 billion in trade volume. Unlike Hyperliquid’s order book system, Jupiter employs a unique LP-to-trader model, relying on the JLP pool as counterparties to trades. This approach enables zero slippage and deep liquidity via oracle integration.

Expanding the Ecosystem

Other notable perpetuals platforms include Synfutures, Apex Protocol, Satori Finance, Bluefin, Drift, GMX, and JOJO. Over the past 24 hours alone, 109 decentralized perps protocols collectively logged $6.611 billion in trade volume, according to Defillama.

On the dex side, in addition to Uniswap and Raydium, leading platforms include Pancakeswap, Aerodrome, Lifinity, Orca, Curve Finance, Cetus, Pump.fun, and Dexalot. Combined, these dexes reported $11.464 billion in daily trading volume.

A Transformative Shift in Crypto Markets

The rapid growth of defi trading volumes signals a fundamental shift in the crypto landscape. As decentralized platforms continue to redefine trading dynamics, maintaining this momentum remains a challenge. However, the innovation and adoption driving this growth suggest that 2025 could be a pivotal year for decentralized finance.