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.