Perpetual decentralized exchanges (Perp DEXs) have matured from experimental DeFi tools into formidable competitors in the crypto derivatives market. By 2024, the sector saw explosive growth, with total trading volume surpassing $1.5 trillion—more than doubling 2023’s $647.6 billion. December 2024 alone recorded $344.75 billion in trades, marking an all-time monthly high.
Key Insights
- Hyperliquid Dominates DeFi Perpetuals:
Commanding 80% of decentralized perpetual DEX market share, Hyperliquid achieved $1.65 trillion in monthly volume. Its retail-first token model fueled organic growth without venture backing. - 2024 Trading Volume Soared:
Industry-wide volume leaped from $647.6B (2023) to over $1.5T in 2024, with December’s $344.75B signaling accelerating adoption. - Market Consolidation:
A handful of platforms—Hyperliquid, Jupiter, ApeX, RabbitX, and MYX—lead in volume and network effects, leveraging execution speed and multi-chain strategies. - Solana & Arbitrum Fuel Growth:
These blockchains power top-performing DEXs, combining low latency (Solana) and scalable infrastructure (Arbitrum). Jupiter (Solana) and Hyperliquid (Arbitrum) exemplify chain-specific advantages. - CEX Lead Narrowing:
While Binance’s May 2025 volume hit $1.7T, Hyperliquid captured ~9% of that figure—proof of DEXs’ accelerating traction among traders prioritizing self-custody and transparency.
Perpetual DEX Market Overview
2025 marks a historic peak for Perp DEX innovation and usage, with 138% year-over-year volume growth and top platforms exceeding $1.5T in trades. Hyperliquid’s Q4 2024 dominance (55% share) peaked at 66% post-airdrop, while former leader dYdX slid from 73% (January 2023) to 7% by late 2024. Solana-based Jupiter emerged as the #2 perpetual DEX, contributing 15% of sector volume.
Current Landscape
Mid-2025’s market centers on a few dominant platforms:
- Hyperliquid: Leads with $112.5B daily volume ($1.58T cumulative) via Arbitrum-based infrastructure supporting 130 assets.
- Jupiter (Solana): $5.7B daily volume ($312.1B cumulative), thriving in low-latency environments.
- Emerging Contenders: Vertex ($217.9B), ApeX ($197.9B), and RabbitX ($166.9B) leverage multi-chain deployments for liquidity depth.
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Top 10 Perpetual DEXs by Volume (Mid-2025)
| Rank | Platform | 30-Day Volume | Cumulative Volume | Chains Supported |
|---|---|---|---|---|
| 1 | Hyperliquid | $2548.1B | $1.58T | Arbitrum |
| 2 | Aster | $281.6B | N/A | BNB, ETH, SOL, ARB |
| 3 | Jupiter | $196.1B | $3121.3B | Solana |
| 4 | ApeX Protocol | $89.8B | $1979.9B | StarkWare L2 |
| 5 | RabbitX Fusion | $58.4B | $1669.5B | StarkNet |
CEX vs. DEX: The Shifting Battle
While CEXs like Binance ($1.7T May 2025 volume) still dominate, Hyperliquid’s 80% DEX market share—up from 30% in late 2024—signals a pivot. Its VC-free, retail-driven model contrasts with traditional exchange growth, appealing to users prioritizing self-custody.
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Final Thoughts
Perp DEXs have evolved into viable CEX alternatives, combining competitive UX with decentralization benefits. As regulatory pressures mount on centralized platforms, 2025 could mark the tipping point for mainstream DEX adoption.
FAQ
Q: Which chain hosts the most Perp DEX volume?
A: Arbitrum (via Hyperliquid) and Solana (via Jupiter) lead, offering scalable, low-fee environments.
Q: How do DEX fees compare to CEXs?
A: Platforms like RabbitX offer 0% fees, while others undercut CEXs with transparent, token-incentivized models.
Q: Can DEXs match CEX liquidity?
A: Top DEXs now provide deep liquidity pools, with Hyperliquid’s $1.58T volume rivaling mid-tier CEXs.
Disclaimer: This content is educational only and not financial advice. Always conduct independent research before trading.