jakiro
A sentence from Binance founder CZ, “Everyone wants to do Perp DEX”, reveals the hottest trend in the crypto market at present. This statement accurately captures the interweaving, competition and integration of centralization (CEX) and decentralization (DEX) forces in the current market.
The background of DEX’s strong rise: CEX’s “three powers” fade away
Centralized exchanges are facing the disappearance of the “three rights” on which they rely on:Pricing rights, currency fee rights and liquidity dominance rights.The rise of Perp DEX is the key driving force behind this situation.
According to data from the second quarter of 2025, the traffic transfer trend in the crypto market has become very obvious:
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Trading volume counterattack:Perp DEX trading volume reached in Q2 2025$898 billionThe new highs accounted for a significant share of overall DeFi growth.At the same time, the overall trading volume of centralized exchanges (CEX) has been close to28% drop.
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Market share compression:The DEX-to-CEX Ratio (DEX-to-CEX Ratio) has soared to 40% or higher, indicating that decentralized platforms are accelerating the market share of centralized giants.
Here are the top projects based on real-time trading volume and market dominance as of mid-September 2025:
CEX’s strategic counterattack
In this context, CEX needs a “traffic anchor” to relock users and transaction volume.Perp DEX has become a strategic choice for CEX due to its natural advantages:
Capture non-KYC traffic and long-tail assets:CEX’s strict compliance (KYC/AML) requirements are a shackle to its expansion.Perp DEX can naturally attract users who pursue privacy and anonymous transactions, and can quickly capture market hot spots and various “long-tail assets” through the permissionless currency listing mechanism, including Meme coins that have not undergone due diligence.
Competition against Native DEX:Native Perp DEX, represented by Hyperliquid and others, is rapidly rising, and its trading volume and market share are constantly eroding the derivatives market of CEX.CEX must participate through self-built, investment or integration, and retain lost users and traffic within its ecosystem.
Key Trends for Perp DEX in 2025
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RWA Integration:The integration of real-world assets (RWAs) is bridging encryption with traditional finance, e.g.Asterstocks on Perp (such as Tesla and NVIDIA).
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AI and modularity:pictureJaineSuch projects are using AI to drive transactions, andCelestiaThe modular chain provides higher scalability for Perp DEX.
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Narrative Driven:“Natural priority”Methods, e.g.SunPerpet al, emphasizing community and attention, stand out from the competition with established competitors like GMX.
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TowardsZero Fee ModelandPoints FarmThe change has greatly lowered the transaction threshold for users.for exampleLighterandParadexPlatforms such as this trend have led the trend, attracting a large number of “wool parties” and professional traders through incentive mechanisms, further promoting the concentration of liquidity.
Potential emerging projects (pre-TGE phase)
In addition to pioneers such as Aster, the community is enthusiastic about pre-TGE projects, which are often due toAirdrop potential, points and innovative narrativeBeing sought after:
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Ethereal:Bonded with the Ethena ecosystem, it offers USDe-backed high-performance deals, hype around its narrative intensity and large-scale airdrop potential.
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Hibachi:Depend onDragonfly Support, incentivizes trading volume and PnL through Masterchef events, is seen as an easy points farm opportunity.
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Pacifica:Solana Foundation, created by former Binance and Coinbase teams, has been praised for its user-oriented value accumulation model.
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Extended:Built by the former Revolut team, it is online but in the pre-token stage, it is the mid-term point farm goal.
in conclusion
Perpetual contract DEX is not just a sub-sector of DeFi, they are the fastest-growing and most innovative sectors that are expected to redefine on-chain transactions with unprecedented volume and technological innovation.From Hyperliquid’s dominance to CEX’s strategic strikeback, 2025 is undoubtedly the year of Perp’s war.Despite the view that the DEX market will eventually move towards a “winner-take-all” pattern like social media, the positive “try” of CEX and the emergence of a hybrid model are verifying another fact: crypto-financial markets require diversity, not a single overlord.
