How perp DEXs quietly took over 26% of the futures market
Discover how perpetual DEX innovation drives growth, liquidity and performance across the evolving DeFi landscape.
In 2025, perpetual decentralized exchanges (DEXs) entered a phase of rapid growth, marked by expansion in trading volume and other key metrics. The rise of hybrid central limit order book (CLOB) models greatly improved performance and user experience, narrowing the gap with centralized exchanges (CEXs).
In this report, HTX Research examines the landscape of perpetual DEXs, their evolution, current trends and the new exchanges emerging as key players.
perps dex volume exploded to $1.3T monthly by october, hyperliquid leading with hybrid clob tech
surpassing 26% market share, up from 2.7% in 2023
dydx eyeing us entry by year-end, no perps though
Leodex started offering perps. No clue what kind of volume is being produced out of that UI.
How the evolution of perpetual DEXs drives market growth
Decentralized perpetual futures exchanges emerged in 2019 and have since undergone significant growth and evolution. They have proven to be one of the most successful and practical use cases for DeFi.
Perpetual DEXs first adopted CLOB-based designs, led by dYdX, which mirrored CEXs by combining offchain order books with onchain settlement. As the market evolved, a new generation of onchain models emerged, which used automated market maker (AMM) mechanics with oracle-priced pooled liquidity, such as GMX and Perpetuals Protocol.
Today, hybrid CLOB designs, exemplified by Hyperliquid, dominate the perpetual DEX market. These exchanges combine onchain custody and settlement with order-matching systems on custom appchains or rollups to achieve near-instant execution. This approach provides clear technical advantages, including more accurate price discovery, tighter spreads and support for high-frequency trading.
These technical advancements, along with easier user onboarding and the absence of KYC requirements, have driven the adoption of perpetual DEXs. Their share of the global perpetual futures market rose from 2.7% at the end of 2023 to 26% by mid-2025, underscoring the growing demand for decentralized trading infrastructure.