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.

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.

Read the full report to see how perpetual DEX innovation is reshaping decentralized derivatives trading.

Leading perp exchanges and emerging players

Hyperliquid launched in early 2023 and became a market leader within a year and a half. Its market share peaked at 73% in the second quarter of 2025 before new competitors drew part of its user base. It now holds about 32% of total trading volume and an open interest of $9 billion, which is more than 54% of perpetual futures open interest.

One of the main factors behind Hyperliquid’s success was its airdrop strategy, which encouraged users to trade actively on the platform over an extended period. The project distributed a sizable airdrop that generated further momentum as its native token, HYPE, outperformed the market in the weeks following the distribution.

A similar approach was soon adopted by the new entrants Aster and Lighter, which became major competitors with Hyperliquid. These two exchanges captured part of Hyperliquid’s market share. Aster leveraged its close integration with the Binance ecosystem to achieve rapid growth and now ranks second by open interest.

While airdrop campaigns helped attract users, competition in the sector continues to intensify. In the short term, the industry will remain an arms race focused on features and fees. In the medium term, success will hinge on liquidity depth, institutional readiness and crosschain accessibility.

See more details on the leading Perp DEXs in 2025, their technical features and traction in the full report.

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