Perpetual futures trading shifts from CEXs to DEXs in 2026
Trading activity in perpetual futures markets has shifted noticeably in the past year. Decentralised exchanges (DEXs) have seen steady growth, while centralised platforms (CEXs) have experienced a sharp decline. New data highlights a clear trend: traders are increasingly turning to DEXs for perpetual contracts. In 2025, the combined volume on the top 11 centralised exchanges reached $85.3 trillion. Binance and OKX led the market with 33% and 15% shares respectively. Yet by early 2026, their monthly average had dropped by 34%, falling from $7.11 trillion in 2025 to $4.69 trillion. Open interest on these platforms also declined, slipping from $120 billion at the start of 2025 to $99 billion by April 2026.
Meanwhile, perpetual DEX platforms have expanded rapidly. Their total volume jumped from $1.50 trillion in 2024 to $6.38 trillion in 2025. Monthly averages continued climbing, rising from $531.65 billion in 2025 to $611.57 billion in the first months of 2026. Hyperliquid remains the largest player, while others like GMTrade, Lighter, and Aster DEX have gained ground in niche markets. GMTrade, a Solana-based platform, hit $42 billion in 30-day volume, making it the second-largest perpetual DEX behind Hyperliquid. The ratio of DEX-to-CEX volume also shifted, peaking at 13% before settling at 10% in April 2026—up from just 3% in January 2025.
The data shows a clear redistribution of trading activity. Centralised exchanges have lost ground, with volumes and open interest both falling. Decentralised platforms, however, continue to grow, capturing a larger share of the perpetual futures market.
