DeFi Yield Analysis Reveals $8 Billion in Onchain Income

A recent analysis has shed light on the decentralized finance (DeFi) market's yield sources in 2025. According to the study, DeFi produced approximately $8 billion in onchain yield, with borrowing demand, trading fees, and funding rates being the main contributors.

The analysis found that AMM trading fees were the largest single category at roughly $4.2 billion, while borrow interest generated around $1.76 billion across money markets. Additionally, perps funding fees contributed approximately $300 million to the total yield.