The perpetual futures and spot trading landscapes are experiencing a profound structural shift, with decentralized exchanges (DEXs) rapidly eroding the market share long held by centralized exchanges (CEXs). According to comprehensive data from CoinGecko, the DEX-to-CEX perps trading volume ratio surged from a mere 2.1% in January 2023 to 11.7% in November 2025, marking an all-time high and signaling a decisive reversal after years of CEX supremacy in derivatives.
This growth is not isolated to perps; DEXs have also made significant inroads in spot trading. The DEX-to-CEX spot ratio climbed from 6.0% in January 2021 to 21.2% in November 2025, with monthly volumes hitting a record $419.76 billion in October 2025 despite broader market corrections. Notably, November 2025 represented the 14th consecutive month of month-on-month growth in DEX perps volumes, which reached $903.56 billion in October—more than ten times the level from a year earlier.
Key drivers behind this surge include better user experience, deeper liquidity, reduced custody risks, and faster settlement times. The collapse of several CEXs in recent years, coupled with advancements in Ethereum scaling and high-throughput chains, has accelerated adoption. Platforms like Hyperliquid have been instrumental, processing $2.74 trillion in perpetuals volume in 2025 alone, rivaling traditional order-book exchanges. Other notable contributors include Uniswap, Raydium, PancakeSwap, dYdX, and Vertex, which have demonstrated that on-chain derivatives can be fast, cost-efficient, and transparent.
This trend is viewed as a structural shift rather than a temporary spike. Analysts project that DEXs could capture 15–20% of global perps volume by 2026, challenging the dominance of giants like Binance, OKX, and Bybit. The sustained growth underscores a broader movement toward decentralized finance, fueled by institutional-friendly designs and ongoing trust concerns in centralized systems.
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