Are encryption exchanges competing to seize the Perp DEX market? The truth behind the volume surge of 90 billion dollars.

In the fierce competition of the Crypto Assets market, a new wave is sweeping across the entire industry—Perptual Futures DEX has become a strategic high ground that major trading platforms are eager to stake their claims on. The saying "Everyone wants to do Perp DEX" not only reflects the current market hotspots but also reveals the profound changes happening between centralized and decentralized forces.

Market Landscape Changes Dramatically: DEX Rises, CEX Faces "Three Powers" Erosion Crisis

Data from the second quarter of 2025 clearly shows an undeniable trend: Centralized Exchanges (CEX) are facing a comprehensive challenge to the "three rights" they rely on for survival—pricing power, listing fee rights, and liquidity dominance. The core driving force behind this power shift is the rapid development of Perp DEX.

The latest market data shows that the Perptual Futures DEX achieved an astonishing trading volume of $898 billion in the second quarter of 2025, not only breaking historical records but also dominating the overall DeFi ecosystem. In stark contrast, the trading volume of traditional Centralized Exchanges declined by nearly 28% during the same period, a figure that shocked both the industry and beyond.

Crypto analyst Li Ming pointed out: "The trading volume ratio of DEX to CEX has surpassed 40%, a figure that was less than 15% two years ago. We are witnessing a revolution in crypto trading infrastructure, as decentralized platforms are rapidly eating into the market share of centralized giants."

CEX's Strategic Counterattack: Why Perptual Futures DEX Has Become a Battleground?

Faced with the continuous loss of market share, Centralized Exchanges urgently need a "traffic anchor" to re-lock users and trading volume. Perp DEX, with its unique advantages, has become the strategic choice for CEX:

Break through regulatory constraints and capture emerging markets: The strict KYC/AML requirements of CEX have limited its market expansion. By laying out a Perptual Futures DEX, the exchange can attract user groups that pursue privacy and anonymous trading, while quickly responding to market hotspots and launching various emerging assets, including meme coins that have not undergone strict due diligence.

Countering native DEX competition: Native Perp DEX represented by Hyperliquid is rapidly rising, with its trading volume and market share continuously expanding. CEX must participate through self-built, investment, or integration methods to retain the lost users and traffic within its own ecosystem.

Blockchain consultant Wang Wei analyzed: "This is not only a technological competition but also a battle for ecosystems. CEX needs Perp DEX to improve its product line, while Perp DEX needs the user base and brand trust of CEX. What we are seeing is the formation of a symbiotic relationship rather than a simple replacement."

Four Major Innovative Trends of Perpetual Futures DEX in 2025

The Perp DEX market is experiencing an unprecedented wave of innovation, and the following four major trends are reshaping the industry landscape:

1. RWA Integration: Breaking the Boundaries Between Crypto Assets and Traditional Finance

The integration of Real World Assets (RWAs) is becoming an important development direction for Perptual Futures DEX. Taking Aster as an example, its platform has supported the trading of perpetual futures contracts for well-known stocks such as Tesla and NVIDIA, providing crypto users with a convenient channel to access traditional financial markets.

Financial technology expert Zhang Hua stated: "The integration of RWA not only expands the market scope of Perp DEX but also builds a bridge between traditional finance and the crypto world. This fusion will attract more traditional investors into the crypto market while providing more diversified investment options for crypto-native users."

2. AI and Modularity: Technological Innovation Driving Performance Breakthroughs

Artificial intelligence and modular architecture are becoming the technical development focus of Perp DEX. Projects like Jaine are leveraging AI technology to optimize trade execution and risk management, while solutions based on modular blockchains like Celestia significantly enhance the system's scalability and efficiency.

Technical analyst Liu Qiang pointed out: "AI-driven trading systems can analyze market data in real time, providing more accurate pricing and risk assessment. At the same time, the modular architecture allows the Perp DEX to achieve higher trading throughput and lower latency while maintaining security. These technological innovations are fundamentally changing the trading experience for users."

3. Narrative-Driven: Community Power Becomes a New Dimension of Competition

The "narrative-first" approach is becoming a key strategy for Perptual Futures DEX to stand out. Emerging platforms like SunPerp have gained significant advantages in competition with established rivals like GMX by emphasizing community building and engagement.

Community operations expert Chen Ming analyzed: "In the crypto market, a strong community and engaging narratives often attract users and funds more than the technology itself. A successful Perpetual Futures DEX not only requires exceptional technical strength but also needs a brand story and value proposition that can ignite community enthusiasm."

4. Zero Fee Model and Points Farming: Lowering Barriers, Increasing Participation

The shift towards a zero-cost model and points farming is significantly lowering the trading threshold for users. Platforms like Lighter and Paradex are leading this trend, attracting a large number of "wool party" and professional traders through innovative incentive mechanisms, further driving the concentration of liquidity.

Market strategist Lin Qiang stated: "Although the zero-fee model seems to forgo direct income, by attracting more users and liquidity, the platform can establish a stronger network effect. At the same time, the points farming provides users with an additional source of income, enhancing the platform's stickiness. This model may sacrifice some profits in the short term, but in the long run, it helps to build a more competitive ecosystem."

Emerging projects worth noting: Where is the next hundredfold coin?

In addition to the established Perp DEX platforms, the market is also enthusiastic about projects that are in the pre-TGE (Token Generation Event) stage. These projects are sought after due to their airdrop potential, points mechanisms, and innovative narratives:

Ethereal: A high-performance trading platform deeply integrated with the Ethena ecosystem, providing support for USDe. The market is full of expectations for its massive airdrop potential and strong narrative.

Hibachi: Supported by Dragonfly Capital, it is seen as an ideal yield farming opportunity through innovative Masterchef competitions that incentivize trading volume and PnL.

Pacifica: Built on Solana, developed by a former CEX team, its user-oriented value accumulation model has received high praise in the market.

Extended: Developed by the former Revolut team, it has been launched but is still in the pre-token stage, and is regarded as an ideal target for medium-term yield farming.

Crypto investment advisor Zhao Ming suggested: "For investors looking for the next high-growth opportunity, these pre-TGE projects are worth close attention. However, it is important to assess the team's background, technical strength, and ecosystem integration capabilities, rather than just chasing short-term token price fluctuations."

Future Outlook: Coexistence or Winner-Takes-All?

Perpetual Futures DEX has become the fastest-growing and most innovative area in the DeFi ecosystem, expected to redefine on-chain trading with unprecedented trading volume and technological innovation. From Hyperliquid's market dominance to strategic counterattacks from major CEXs, 2025 is undoubtedly a pivotal year in the Perp war.

Although there is a viewpoint that the DEX market will eventually evolve into a "winner-takes-all" pattern similar to social media, the active participation of CEX and the emergence of hybrid models are validating another fact: the crypto financial market needs diversity, not a single dominant player.

Blockchain economist Dr. Zhang concluded: "The rise of Perp DEX has not only changed the trading infrastructure but has also reshaped the entire crypto financial ecosystem. In the future, we may see more integration and innovation, and the boundaries between centralized and decentralized will become increasingly blurred. Ultimately, it will not be a single model that wins, but rather a diversified solution that best meets the needs of different users."