State of Perp DEX 2025

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Perpetual decentralized exchanges (Perp DEXs) have moved from being experimental DeFi tools to serious contenders in the crypto derivatives market. In 2024, the sector saw explosive growth, with total trading volume across all Perp DEXs reaching $1.5T, more than doubling from $647.6B in 2023. December alone accounted for $344.75B, the highest monthly volume ever recorded.

This surge was led by platforms like Hyperliquid, which jumped from $21B in annual volume in 2023 to $570B in 2024, a 25.3x increase. Drift and Jupiter also recorded massive gains, with year-on-year volume increases of 628% and 5,176% respectively. 

With innovations like native order books, fast-finality chains, zk-enabled features, and app-specific ecosystems, 2025 now sets the stage for the next phase: mainstream adoption. 

This report examines the data behind this evolution, the platforms leading it, and the technical and market trends that will shape the future of Perp DEXs.

Key Takeaways

• Hyperliquid Dominates DeFi Perp Trading: Hyperliquid now holds 80% of the decentralized perpetual DEX market. Its monthly volume hit $165B, and its retail-first token model has helped it gain strong traction without venture capital backing.

• Perp DEX Volume Surged in 2024: The market grew from $647.6B in 2023 to over $1.5T in 2024. December alone saw $344.75B in trading volume, showing just how quickly user activity has accelerated.
  Top Platforms Are Consolidating Market Share: A few players now dominate perp DEX activity. Hyperliquid, Jupiter, ApeX, RabbitX, and MYX lead in both volume and user base, thanks to strong execution and network effects.

• Solana and Arbitrum Power Most Leaders: These chains support the fastest-growing DEXs, offering low latency and scalable infrastructure. Jupiter on Solana and Hyperliquid on Arbitrum are prime examples of chain-specific advantage.

• CEXs Still Lead, But the Gap Is Shrinking: Binance posted $1.7T in volume in May 2025, but Hyperliquid already accounts for about 9 percent of that. With more traders preferring self-custody and transparency, DEXs are catching up fast.

Perp DEX Overview

The start of 2025 finds the Perp DEX market at an all-time high in both usage and innovation. Trading volume grew over 138% year-over-year, with the top DEXs surpassing $1.5T in total volume. 

Hyperliquid captured more than 55% of Q4 volume, hitting 66% market share in December 2024 following a major airdrop campaign. Meanwhile, former leader dYdX saw its share fall from 73% in January 2023 to just 7% by the end of 2024, while Solana-based Jupiter leapfrogged to become the second-largest Perp DEX. Solana itself accounted for 15% of Perp DEX trading volume.

As of November 2024, total open interest on centralized Perp markets crossed $100B, but decentralized platforms are quickly closing the gap. Perp DEXs now offer competitive liquidity, execution speed, and composability, setting up 2025 as a pivotal year in the ongoing shift from centralized to decentralized derivatives trading.

The Current State

As of mid-2025, the Perp DEX landscape is showing clear signs of consolidation around a few dominant players, with Hyperliquid firmly leading the pack. It currently records a 24-hour volume of $11.25B and a lifetime volume of $1.58T, far ahead of its nearest competitor. This growth reflects its strong infrastructure, wide asset support (130 coins), and its position on Arbitrum.

Trailing behind is Jupiter, the leading Solana-based Perp DEX, with $570.85M in daily volume and $312.13B in lifetime trades, leveraging Solana's low-latency environment to carve out its niche. Other notable players include Vertex ($217.91B lifetime volume), ApeX ($197.99B), and RabbitX ($166.95B), many of which are available across multiple chains, expanding user access and liquidity depth.

DEXs are also becoming more competitive in terms of leverage. Gains Trade leads with up to 500x leverage across 230 coins, followed by ApolloX (1001x) and Equation (150x), catering to high-risk traders. However, lower maker and taker fees, such as 0.00% on RabbitX and Drift, highlight a parallel focus on cost efficiency for active users.

Solana and Arbitrum remain the most common base chains, with several platforms (like SynFutures, GMX, and Drift) taking advantage of rollup scalability or app-specific L1s. Meanwhile, DYDX, despite seeing a reduction in dominance, still holds $1.49T in lifetime volume and operates across five major chains.

With liquidity deepening, multi-chain expansion accelerating, and competition around user incentives, the Perp DEX sector is evolving quickly. The market is no longer just about who launches first, but who scales fast, executes reliably, and offers the best trading experience.

Top 10 Perp DEXs Based on Trading Volume

As of mid-2025, the perpetual DEX sector is led by a handful of dominant platforms, with trading activity increasingly concentrated among the top 10 protocols. The following ranking reflects current 24-hour and lifetime trading volumes, showcasing the scale and competitiveness of each protocol.

Hyperliquid

30-Day Volume: $254.81B
Lifetime Volume: $1.58T
Chains: 1 (Arbitrum)

Hyperliquid continues to dominate the perp DEX market by a wide margin. Its high-performance Arbitrum-native infrastructure, support for 130 trading pairs, and extremely active user base have driven it past $1.5T in lifetime volume. It now handles more daily volume than many CEXs.

Aster

30-Day Volume: $28.16B
Lifetime Volume: Unknown
Chains: 4 (BNB Chain, Ethereum, Solana, and Arbitrum)

Aster is the biggest new entrant on this list, jumping into second place with strong multi-chain support. Its rapid rise suggests growing interest from traders seeking alternatives with wider access.

Jupiter

30-Day Volume: $19.61B
Lifetime Volume: $312.13B
Chains: 1 (Solana)

Jupiter remains a dominant force on Solana, specializing in a few trading pairs with deep liquidity. While its 30-day volume dipped compared to others, its long-term growth remains strong.

ApeX Protocol

30-Day Volume: $8.98B
Lifetime Volume: $197.99B
Chains: 1 (StarkWare-powered Layer 2 across Ethereum-compatible chains)

Despite focusing on just one chain, ApeX continues to deliver sizable volume thanks to its strong liquidity, 20 coin listings, and streamlined UX.

RabbitX Fusion

30-Day Volume: $5.84B
Lifetime Volume: $166.95B
Chains: 1 (StarkNet)

RabbitX’s zero-fee structure and institutional-facing infrastructure keep it relevant, especially for cross-exchange arbitrage traders.

edgeX

30-Day Volume: $7.52B
Lifetime Volume: Unknown
Chains: 1 (StarkWare-powered Layer 2 across Ethereum-compatible chains)

Another rising player, edgeX has posted strong early numbers with a streamlined user experience and single-chain deployment.

MYX Finance

30-Day Volume: $7.50B
Lifetime Volume: Unknown
Chains: 4 (Arbitrum, BNB Chain, Linea)

MYX leverages multi-chain expansion to distribute risk and capture liquidity across different ecosystems. Its flexibility is a strength, especially in volatile market phases.

GMX

30-Day Volume: $6.02B
Lifetime Volume: $261.91B
Chains: 3 (ARB, AVAX, etc.)

A veteran in the space, GMX continues to hold its ground despite aggressive competition, thanks to community trust and solid liquidity depth.

dYdX

30-Day Volume: $5.42B
Lifetime Volume: $1.49T
Chains: 2 (ETH, Cosmos)

dYdX is still one of the most battle-tested platforms. Its pivot to its own Cosmos-based chain (V4) has helped reduce latency, though it has seen a decline in relative volume share.

Paradex

30-Day Volume: $3.35B
Lifetime Volume: Unknown
Chains: 1 (Paradex Chain)

Paradex rounds out the top 10 as a newer entry that’s quickly growing in usage. Its one-chain setup helps simplify execution and concentrate liquid

Complete List of Perp DEXs

CEX vs DEX in Perpetual Markets: A Battle for Market Share

Centralized exchanges like Binance, OKX, and Bybit have long dominated the perpetual futures landscape, consistently processing trillions of dollars in monthly trading volume. However, decentralized perpetual exchanges are gaining traction, and one protocol in particular is leading that charge: Hyperliquid.

As of May 2025, Hyperliquid holds 80% of the decentralized perp market. This is a sharp jump from just 30% market share in November 2024. In six months, the protocol more than doubled its position, underscoring a growing user appetite for decentralized platforms that offer self-custody, permissionless access, and minimal counterparty risk.

Hyperliquid is not just another DEX. Unlike many projects that raised capital through venture rounds before launch, it bootstrapped its development without VC funding. As a result, all token holders, including institutions, must acquire HYPE on the open market. This approach helped sidestep common issues tied to token unlock schedules and has contributed to a more organic, retail-driven growth path.

Despite its dominance among DEXs, Hyperliquid still accounts for a small share of the broader perp market. In May 2025, the protocol recorded $165B in volume compared to Binance’s $1.7T. This puts Hyperliquid at around 9% of Binance’s scale, highlighting both its progress and the massive room for growth ahead.

Looking at the broader picture, the total futures volume chart makes it clear that Binance continues to lead the centralized landscape by a wide margin. Yet the gap is narrowing. Hyperliquid’s share of Binance’s volume has reached 12% as of the latest data, steadily rising from near zero in early 2023.

As regulatory pressure on centralized exchanges increases and as traders seek more control and transparency, DEXs like Hyperliquid are increasingly viewed as viable alternatives. If current trends hold, the lines between centralized and decentralized perpetual markets will blur further in the months ahead.

Final Thoughts

Perp DEXs have matured. What began as a niche DeFi category is now home to protocols that can realistically challenge centralized giants. Hyperliquid’s model and performance show that users are ready to move toward decentralized alternatives if the experience is competitive.

With regulatory uncertainty clouding centralized platforms, and decentralized tech rapidly improving, the momentum is shifting. 

The race in 2025 is not just about innovation but also scale, reliability, and user experience. The next wave of crypto traders may never need to touch a CEX again.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.