Perp DEXs | Crypto

Chains are launching perp DEXs to capture trading activity, but history suggests liquidity will consolidate around only a handful of platforms. In crypto’s latest infrastructure race, blockchains are competing to host perpetual futures exchanges. Many are now launching or incubating decentralized derivatives markets themselves, even as centralized platforms continue to dominate. Derivatives make up most of today’s crypto trading activity, often accounting for the majority of total volume. On Tuesday, Bitcoin (BTC) spot trading volume across centralized exchanges reached about 55,230 BTC while derivatives volume totaled more than 506,600 BTC, according to CryptoQuant. Perpetual decentralized exchanges, or perp DEXs, now act as core infrastructure as they give traders, market makers and institutional participants access to leveraged products, according to Nina Rong, executive director of growth at BNB Chain. Read more

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. Read more