Perp DEXs TradFi 2026 eats: Delphi Digital
Decentralized exchanges (DEXs) promise lower costs and fewer intermediaries than traditional centralized venues as traders switch to blockchain-based platforms.
Perp DEXs are blockchain-based venues for trading perpetual futures contracts, which allow traders to bet on the price of an underlying asset with leverage and no expiration date.
Crypto research firm Delphi Digital says that with its outlook for 2026, each of the DEXs is poised to overtake traditional financial products in market share. He argued that decentralized infrastructures are more efficient than legacy systems, which are fragmented and expensive to operate.
“Now HyperLiquid is building indigenous lending. PerpDix can be a broker, exchange, custodian, bank and clearinghouse all at once,” Delphi Digital wrote in Tuesday's X-Post.
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Perp DEXs have taken the lion's share of revenue from centralized exchanges, with their market share rising from 2.1% in January 2023 to a new all-time high of 11.7% in November 2025, according to a report by data aggregator CoinGecko.
Growing decentralized trading platforms could propel leading DEX token Hyperliquid (HYPE) to over $200 in the next 10 years, according to a December research note from Cantor Fitzgerald.
The company predicts that the token's value will grow at a 15% compound annual growth rate, while the relief fund will buy about 291 million HYPE tokens, reducing the total supply to 666 million tokens.
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As demand for on-chain derivatives continues to grow, the volume of Perp DEX will triple by 2025
By 2025, the total transaction volume of Perp DEXs has tripled to $12.09 trillion, up from $4.1 trillion at the beginning of the year, Cointelegraph reported on December 31.
About $7.9 trillion, or 65% of the total DEX volume, will be generated by 2025, according to Defillama data, which shows the significant adoption of these trading platforms in the past year.
However, this figure compares with the notional value of advanced non-prescription derivatives reaching $846 trillion by June 2025, according to data from the Bank for International Settlements.
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