DEX Perpetual Volumes Explode to $6.7 Trillion Amid Market Downturn

The crypto derivatives market has seen a significant shift towards decentralized exchanges (DEXs) in 2025, according to a CoinGecko research report. Perpetual swap trading across top 10 centralized and decentralized exchanges reached $92.9 trillion, with DEX perpetual platforms surging 346% to $6.7 trillion in annual volume.

The report highlights the growth of Hyperliquid, which broke into the top 10 perpetual platforms globally, ranking No. 7 with $2.9 trillion in annual volume. The platform's own Layer 1 blockchain, called HyperCore, handles sub-second trade finality and throughput exceeding 20,000 orders per second.

CoinGecko data also shows a significant drop in Centralized Exchange (CEX) open interest, falling by 20.8% in 2025, while DEX open interest rose by 229.6%. CEX spot volumes also plummeted from $2.21 trillion in January 2025 to $950 billion by December 2025.