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CryptoEconomist_

2025-12-02 06:31:17

Someone just dropped an interesting comparative study tracking how decentralized exchanges stack up against centralized perps platforms. The research spans nearly three years—from early 2023 through late 2025—crunching monthly trading volume data from the leading 10 DEXs versus the top 10 CEXs in perpetual contracts.

What makes this analysis worth noting? It captures the shifting dynamics between on-chain and off-chain derivatives trading during a period of significant market evolution. The volume ratio reveals which trading infrastructure traders are actually gravitating toward when leverage is involved.

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DefiOldTrickster

· 19h ago

Ha, finally someone has整理了 the data from the past three years. I said that the leverage play of DEX would eventually surpass.

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GhostAddressMiner

· 20h ago

Three years of data accumulation, but the real story is in the off-chain exchange's Wallet, that's what I care about.

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BearMarketMonk

· 12-02 07:00

Three years of data... To put it simply, it's just a story about where the leveraged players are running. As a result, 80% of it is still the same old routine; when the cycle comes, no one can save anyone.

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MoonBoi42

· 12-02 07:00

After three years of data, DEX really can't compete with Centralized Exchanges.

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DegenDreamer

· 12-02 06:54

The liquidity leverage of CEX will always outperform DEX, this data was anticipated early on.

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ser_ngmi

· 12-02 06:46

Is the data from Dex really that impressive? It feels like CEX is still more popular.

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DaoResearcher

· 12-02 06:42

Data doesn't lie; a three-year comparison can reflect everything. --- According to the White Paper, this binary opposition between on-chain and off-chain is essentially a manifestation of an imbalanced incentive mechanism. --- It is worth noting that the migration patterns of margin traders just verify my previous assumption—under the perspective of token economics, the risk transfer capability of CEX crushes that of DEX. --- If the assumption holds, the next step would be to see whose governance proposal can solve the liquidity fragmentation issue. --- Three years of data? I would rather see how many DEXs directly went to gg during this period due to incompatible market maker incentives. --- From the perspective of actual on-chain transactions, this comparative study exposes the hard injuries of DEX in the derivation track: insufficient depth and excessive slippage. --- By the way, has this study broken down the token incentive mechanisms of each exchange? Otherwise, the conclusions may not be comprehensive enough.

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BlockchainTalker

· 12-02 06:40

actually, if we examine this through the lens of empirical market behavior... the real tell isn't which platform wins, it's *why* traders keep flip-flopping between them lol. three years of data and we're still seeing this gravitational dance? that's the actual story here imo

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