DEXs Capture 7.8% Market Share in On-Chain Perpetual Futures Trading

Decentralized exchanges have made significant strides in on-chain perpetual futures trading, tripling their market share in just one year. In 2024, DEXs accounted for a mere 2.5% of total perpetual futures volume, but by 2025, that number had surged to 7.8%. This growth is particularly notable given the absolute figures, DEX perpetual trading hit $6.7 trillion for the year, a 346% jump from 2024.

Centralized exchanges still dominate the market, with CEX perpetual futures volume reaching $86.2 trillion in 2025, a 47% increase year-on-year. However, the growth rates tell a different story about momentum. Hyperliquid has emerged as the clear front-runner among decentralized platforms, consistently capturing between 30% and 50% or more of all DEX perpetual futures volume.

The platform's edge comes from its custom Layer-1 blockchain built specifically for high-frequency trading, delivering sub-second latency that approaches what traders expect from centralized venues. Its permissionless market deployment feature also allows anyone to spin up new trading pairs without gatekeepers.