Perp DEX Trading Volume Doubles in Two Days, Signalling Rising Risk Appetite

Daily activity in on-chain perpetual futures markets spiked sharply at the start of December, with cumulative volume rising from $28 billion on Nov. 30 to more than $51 billion by Dec. 2 according to DefiLlama metrics analysed by Outset PR:

While trading flows expanded across multiple chains, the increase did not translate into higher market exposure, pointing to a shift in trader behavior.

A sudden jump in leverage demand

Perpetual futures volume often serves as a real-time indicator of speculative behavior. When traders increase position sizes, rotate capital across venues, or try to capture short-term volatility, the perps market responds immediately.

A two-day move from $28 billion to $51 billion signals that traders are increasing leverage, betting on larger price swings. Expectations of volatility are rising, whether from macro catalysts or crypto-native events.

Even without a major headline trigger, a jump of this magnitude shows the market is again willing to take directional risk.

Lighter Chain takes the lead with an $11B a day

The surge wasn’t concentrated in a single platform. Instead, it spread across the top three perp DEXs, each posting unusually high daily volumes.

• Lighter Chain led with over $11 billion in trading volume — a notable milestone for a platform that has rapidly gained traction among high-frequency traders and liquidity providers.

• Hyperliquid followed closely with around $10 billion, reaffirming its position as a top venue for active derivatives traders.

• Aster recorded over $9 billion, underscoring how quickly liquidity is fragmenting across newer ecosystems.

This rotation suggests that traders are becoming more fluid in how they allocate short-term liquidity. Execution speed, fee structures, and incentive programs appear to be driving rapid venue switching rather than long-term shifts in user allegiance.

How Outset PR Leverages Data-Driven Approach in Crypto PR

Outset PR connects market events with meaningful storytelling through a data-driven methodology rarely seen in the crypto communications space. Founded by PR strategist Mike Ermolaev, the agency approaches each campaign like a hands-on workshop—building narratives that align with market momentum instead of relying on generic coverage or templated outreach.

Beyond just monitoring on-chain flows, Outset PR monitors the media trendlines and traffic distribution through the lens of its proprietary Outset Data Pulse intelligence to determine when a client’s message will achieve the highest lift. This analysis informs the choice of media outlets, the angle of each pitch, and the timing of publication.

A key part of the agency’s workflow comes from its proprietary Syndication Map, an internal analytics system that identifies which publications deliver the strongest downstream syndication across aggregators such as CoinMarketCap and Binance Square. Because of this approach, Outset PR campaigns frequently achieve visibility several times higher than their initial placements, with well-positioned stories reaching up to tenfold exposure as they circulate through secondary channels.

Outset PR ensures that each campaign is market-fit and tailored to deliver maximum relevance at the moment the audience is most receptive.

A turning point or a temporary spike?

The derivatives market is showing the early signs of re-engagement: rising volume, cross-chain liquidity rotation, and elevated short-term positioning. The central question is whether this surge marks the beginning of a sustained trend or a short-lived volatility window. Historically, when cumulative perps volume expands this quickly, it often precedes large price movements in spot markets — either continuation rallies or sharp corrections.

Understanding these dynamics and aligning messaging with them is increasingly important not only for analysts and traders, but also for crypto teams navigating a fast-moving information environment. Data-led approaches, such as those used by Outset PR, may become essential as the industry shifts toward more measurable and market-responsive communications.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.