How perp DEXs quietly took over 26% of the futures market

Perpetual DEXs are reshaping decentralized trading with faster execution, deeper liquidity and crosschain integration.

In 2025, perpetual decentralized exchanges (DEXs) entered a phase of rapid growth, marked by expansion in trading volume and other key metrics. The rise of hybrid central limit order book (CLOB) models greatly improved performance and user experience, narrowing the gap with centralized exchanges (CEXs).

In this report, HTX Research examines the landscape of perpetual DEXs, their evolution, current trends and the new exchanges emerging as key players.

Decentralized perpetual futures exchanges emerged in 2019 and have since undergone significant growth and evolution. They have proven to be one of the most successful and practical use cases for DeFi.

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