[The total trading volume of perpetual contracts on on-chain exchanges reached approximately $2 trillion in Q3] According to a report by Jinse Finance, citing charts published by cryptounfolded, the total trading volume of perpetual contracts on on-chain exchanges reached approximately $2 trillion in the third quarter of 2025. Hyperliquid ranked first with a 47% market share, while Lighter and Aster together accounted for 36% of the market share.