Decentralized exchanges are quietly eating into the perps trading pie.

The numbers tell a wild story: DEX perpetual volumes as a percentage of CEX hit just 2.1% back in January 2023. Fast forward to November 2025? That figure exploded to 11.7%. We're talking serious market redistribution here.

Take one major decentralized derivatives platform – it alone racked up a staggering $2.74 trillion in trading volume this year. That's not a typo. Trillions.

What's driving this shift? Could be the transparency angle, maybe composability, or traders simply wanting custody of their funds. Whatever the reason, centralized venues are losing ground in perpetual futures – a segment they once dominated completely.

The trend raises a bigger question: are we watching the early innings of a structural market change, or just a temporary surge driven by recent innovations?

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
5
Repost
Share

Comment

0/400

PoolJumper

· 14h ago

11.7% is almost catching up to CEX, this rhythm seems off... Is DEX really going to turn the tide? --- 274 trillion... I need to calculate this again, it feels like this number is a bit outrageous. --- To put it bluntly, self-custody is still appealing, who wants to be played for suckers by an exchange? --- Wait, it’s only been a little over two years and it has risen from 2% to 11.7%? This growth rate is absurd. --- In the area of Perptual Futures, DEX is really eating into the market, but how's the Liquidity? --- The problem is, if DEX does a Rug Pull, who compensates for the losses... This is the core contradiction, right? --- Is the structural change just a flash in the pan? We’ll know by looking at future financing situations. --- No wonder it feels like CEX trading fees have increased recently, they’ve been forced into it. --- Transparency + self-custody really hits the pain points of traders. --- If a few more Black Swan Events come along, CEX might be finished, who knows?

View OriginalReply0

OnchainFortuneTeller

· 14h ago

2.1% to 11.7%? This growth rate is outrageous, can CEX still sleep soundly?

View OriginalReply0

GateUser-c802f0e8

· 14h ago

From 2.1 to 11.7, this rise is really amazing, DEX perpetuals are truly eating into market share.

View OriginalReply0

MoonBoi42

· 14h ago

Wow $2.74T? Is this number really legit? --- dex perpetuals are really gaining momentum, cex should be worried --- Talking about transparency and composability, but to be honest, they just don't want to have their assets frozen... you get it --- 11.7% growth rate, it feels like it's just the beginning --- Is this a structural change or just a flash in the pan, who can predict... --- Perpetuals have eaten up half of this market, cex is having a hard time --- I have to read the unit '兆' three times to understand it --- It's still in the early stages, once layer2 matures a bit more, cex really needs to exit --- Self-custody > Centralization, the time to wake up has come

View OriginalReply0

StableCoinKaren

· 14h ago

11.7%? This rise is just too crazy, CEX must be scared.

View OriginalReply0

Trending TopicsView More
#JoinGrowthPointsDrawToWiniPhone17
219.51K Popularity
#DecemberMarketOutlook
10.22K Popularity
#GIGGLEAndPIPPINSurge
1.52K Popularity
#LINKETFToLaunch
1.55K Popularity
#SharingMy100xToken
2.21K Popularity

Hot Gate FunView More

1
WAWAWawa Cat
MC:$3.34KHolders:2
0.21%
2
SWIFT霉霉
MC:$4.03KHolders:3
3.01%
3
GPANDARed Panda
MC:$3.3KHolders:1
0.00%
4
GCOINGATE COIN
MC:$3.3KHolders:1
0.00%
5
110489196155I am $1 rich
MC:$3.33KHolders:1
0.00%

Sitemap