Decentralized Perpetual Derivatives Exchanges Gain Ground on Centralized Counterparts

The crypto market has witnessed a significant shift in the past year, with decentralized perpetual derivatives exchanges gaining traction and supplanting centralized exchanges as the go-to destinations for traders.

According to recent data, the top 11 centralized exchange (CEX) platforms recorded $85.3 trillion in combined volume throughout 2025. However, their dominance is slowly waning, with monthly average perp volume across these platforms falling from $7.11 trillion in 2025 to $4.69 trillion in the first four months of 2026.

This decline has been accompanied by a corresponding rise in decentralized exchange (DEX) volume, which climbed from $1.50 trillion in 2024 to $6.38 trillion in 2025 and continues to grow in 2026.

The perp DEX-to-CEX volume ratio peaked at 13% before settling at 10% in April 2026, indicating a significant shift in trading preferences.