The cryptocurrency market saw unprecedented activity in 2024, with perpetual futures contracts—commonly known as crypto perpetuals—taking center stage, according to a new report from CoinGecko.
CoinGecko explained in the research report that unlike traditional futures, which have fixed expiration dates, perpetuals allow traders to hold positions indefinitely without rolling them over, offering flexibility, high liquidity, and significant leverage options. But of course, there is a considerable amount of risk involved and even the most experienced traders can be impacted from such activities.
However, these instruments also come with risks, such as liquidation during adverse market movements.
According to CoinGecko’s State of Crypto Perpetuals 2024 report, trading volumes for perpetuals reached new highs, reflecting their growing dominance in the crypto trading landscape.
The report highlights that the top 10 centralized perpetual exchanges recorded a massive $58.5 trillion in trading volume throughout 2024—double the $28.0 trillion seen in 2023 and surpassing the previous record set in 2021.
This surge underscores the increasing appetite for leveraged trading among crypto participants. In Q4 alone, these exchanges saw $21.2 trillion in volume, a 79.6% jump from Q3’s $11.8 trillion.
Binance maintained its position as the leading player, though its market share slipped from 43% in January to 34% by December, signaling a more competitive landscape.
Notably, Coinbase International entered the top 10 for the first time, with its volumes surging over fourfold in December, reflecting the growing influence of U.S.-based platforms.
Decentralized perpetual exchanges also made significant strides in 2024, with the top 10 platforms recording $1.5 trillion in trading volume—a 138.1% increase from 2023’s $647.6 billion.
Q4 contributed $492.8 billion, up 55.9% from Q3’s $316.2 billion.
Hyperliquid emerged as a standout, accounting for over half of the decentralized perpetual volume in Q4, highlighting the rising prominence of decentralized finance (DeFi) in this space.
This growth reflects traders’ increasing trust in decentralized platforms, which offer permissionless access and innovative features, though they still represent a smaller fraction of the overall perpetuals market compared to centralized exchanges.
Bitcoin consistently dominated open interest on centralized platforms, holding approximately 45% throughout 2024, reinforcing its status as the market’s anchor asset.
Meanwhile, Solana (SOL) saw sharp volume spikes—particularly in mid-March, late June, and early August—corresponding with trends like the launch of pump.fun and the rise of meme coins and celebrity tokens such as Caitlyn Jenner (JENNER) and Mother Iggy (MOTHER).
These spikes illustrate how market narratives and speculative fervor can drive perpetuals activity beyond traditional assets.
The report unveils a picture of a maturing yet dynamic, fast-evolving market.
Centralized exchanges remain the backbone of perpetuals trading, supported by their scale and infrastructure, while decentralized platforms are carving out a growing niche of their own (which they have not actually for more than 7 years).
However, the risks remain stark—high leverage can amplify gains but also lead to swift liquidations, as evidenced by the volatility tied to these instruments.
CoinGecko’s research findings suggest that 2024 was a pivotal year for crypto perpetuals, with record volumes signaling robust demand and a diversifying ecosystem.