Crypto Traders Are Piling Into Leverage as Perp Volume Explodes 400%

According to data visualized by Artemis, perpetual futures trading activity has surged dramatically, with aggregate perp volume up nearly 400% over the past 365 days.

The chart shows a clear structural expansion in derivatives participation rather than a short-lived spike. Daily perp volumes have grown from relatively muted levels earlier in the period to regularly printing $40–60 billion days toward the most recent observations.

This marks a fundamental change in how traders are engaging with crypto markets.

Growth Is Broad-Based Across Venues

What stands out in the data is that the increase is not isolated to a single exchange or protocol. Volume growth appears distributed across centralized and decentralized venues, with meaningful contributions from platforms such as Hyperliquid, dYdX v4, GMX, Aevo, Jupiter, and others represented in the stack.

This breadth suggests the rise in activity is being driven by market structure adoption, not by one-off incentive programs or isolated speculation on a single platform.

Perps Are Becoming the Dominant Trading Instrument

The steady climb in perp volume highlights how perpetual futures have become the primary vehicle for price discovery and risk transfer in crypto markets. Traders are increasingly expressing directional views, hedging spot exposure, and managing leverage through perps rather than traditional spot markets.

As volumes compound, perps are exerting greater influence on short-term price action, volatility, and liquidation dynamics, reinforcing their central role in modern crypto market mechanics.

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What the Trend Signals About Market Behavior

A near-400% increase over a year reflects more than just rising prices or temporary excitement. It signals:

• higher trader sophistication,
• deeper liquidity pools,
• and greater comfort with leverage as a core trading tool.

At the same time, elevated perp volumes imply greater sensitivity to positioning imbalances, funding dynamics, and liquidation cascades, especially during periods of stress or rapid directional moves.

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