Perp DEXs will ‘eat’ expensive TradFi in 2026: Delphi Digital

Perp DEXs handle only a fraction of the trading activity seen in TradFi investments, but their infrastructure is catching up to the slow and fragmented centralized trading venues.

Perpetual decentralized exchanges (DEXs) are gaining traction as traders turn to blockchain-based platforms that promise lower costs and fewer intermediaries than traditional centralized venues.

Perp DEXs are blockchain-based venues for trading perpetual futures contracts, allowing traders to bet on the underlying asset's price with leverage and without an expiry date.

Crypto research firm Delphi Digital said in its outlook for 2026 that perp DEXs are poised to continue taking market share from traditional finance products. It argued that decentralized infrastructure is structurally more efficient than legacy systems, which it described as fragmented and expensive to operate.

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