Journalist
Hassan Shittu
Journalist
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Perpetual decentralized exchanges are moving from the edges of crypto trading toward the center of the market, as new data and commentary from Delphi Digital suggest these platforms could evolve into full-service financial venues that challenge the roles traditionally held by banks.
The move is due to the fact that traders are still attracted by blockchain-based infrastructures, which reduce intermediaries, lower costs, and operate around the clock, despite the fluctuating prices of tokens in the market.
Perp DEXs allow users to trade perpetual futures contracts with leverage and no expiry date, a product that has historically been dominated by centralized exchanges and traditional derivatives desks.
Perp DEXs Gain Ground as DeFi Bundles Trading, Credit, and Custody
Delphi Digital’s 2026 outlook noted that this segment of decentralized finance is now positioned to take further market share from legacy financial products, driven by structural efficiencies that are difficult for traditional systems to replicate.
The research firm argued that legacy finance remains fragmented and expensive to operate, while decentralized infrastructure can bundle multiple financial functions into a single on-chain stack.
In a post shared on X, Delphi Digital pointed to Hyperliquid’s move toward native lending as a key signal of where the sector is heading.
Delphi noted that this opens the door for perp DEXs to operate as integrated financial platforms, handling trading, custody, clearing, and credit within a single on-chain system.
Competing platforms such as Aster, Lighter, and Paradex are now racing to develop similar capabilities.
This convergence reflects a broader trend in crypto, where trading venues are expanding beyond execution into lending, custody, and capital management.
The data shows that this transition is already well underway, as Perp DEXs have steadily taken revenue and volume share from centralized exchanges over the past three years.
CoinGecko data shows that perp DEXs accounted for just 2.1% of centralized exchange perpetuals volume in January 2023.
By November 2025, that figure had risen to a record 11.7% , meaning nearly one in every nine dollars traded in perpetual futures was executed on a decentralized platform.
For the full year, cumulative perp DEX volume tripled to $12.09 trillion, up from $4.1 trillion at the start of 2025.
About $7.9 trillion of that activity was generated during 2025 itself, highlighting how rapidly adoption accelerated over the past year.
The sector now holds more than $20 billion in total value locked, with monthly volumes frequently exceeding $1 trillion and open interest hovering around $20 billion.
DEX Spot Trading Grows Sharply as the Gap With CEXs Narrows
Spot trading has followed a similar trajectory, though at a slower pace. Decentralized exchanges accounted for just 6.0% of spot trading volume relative to centralized exchanges in January 2021.
By November 2025, that ratio had climbed to 21.2%, with a peak of 37.4% reached in June 2025 during a surge in memecoin speculation and activity on PancakeSwap.
At the same time, the report and surrounding data highlight how far the sector still has to go.
The 12 trillion annual transaction volume that has been managed by perp DEXs is still low in comparison with the 846 trillion notional value of outstanding over-the-counter derivatives that could be reported by the Bank for International Settlement in mid-2025.
Traditional banks also retain advantages in regulatory clarity, fiat integration, and services such as uncollateralized lending and consumer protections.
Industry observers note that for perp DEXs to seriously challenge banks, they would need to continue expanding beyond derivatives into lending, payments, and tokenized real-world assets, while also addressing security, user experience, and compliance.
Many platforms are already experimenting with on-chain order books, zero-fee models, incentive programs, and high-throughput blockchains to improve performance and accessibility.