Crypto Perpetual DEXs Surge as Trading Volumes Double in 2024

Crypto perpetual trading has seen a significant surge in popularity over the past two years, as traders increasingly seek advanced instruments for diversifying or hedging their investment strategies. According to a State of Crypto Perpetuals 2024 report by Coingecko, trading volumes on the top 10 centralized exchanges (CEXs) more than doubled in 2024, reaching $58.5 trillion, compared to $28 trillion in 2023. Similarly, decentralized exchanges (DEXs) recorded a record $1.5 trillion in trading volume in 2024, up 138.1% from $647.6 billion the previous year [1]. While CEXs still dominate with over 95% of the market share, the emergence of innovative DEXs signals potential shifts in the landscape.

Hyperliquid, a leading perpetual DEX, has demonstrated strong performance with a total value locked (TVL) of $538 million and monthly trading volumes approaching $300 billion, as per DeFi Llama metrics. Its successful airdrop in Q4 2024 has been cited as a precursor to a new phase in decentralized crypto trading [2]. As the market evolves, several pre-token genesis event (pre-TGE) DEXs are emerging as key players that traders and investors should watch closely.

Grvt, a ZKsync-powered DEX, is gaining attention for its hybrid architecture that combines onchain and offchain solutions to enhance the trading experience. Onchain operations such as final settlement and dispute resolution ensure transparency, while offchain transactions facilitate high throughput and low costs. Grvt further distinguishes itself by offering a self-custody feature, allowing traders to retain full control of their assets, supported by smart contract security and automation. It is also among the first DEXs to integrate regulated compliance, operating under a Bermuda Digital Asset Business Act license [1]. Recently, Grvt launched Grvt Strategies, a compliant peer-to-peer on-chain investment marketplace that allows everyday investors to access vetted trading strategies managed by experts. All transactions occur on-chain, enabling seamless auditing and transparency for investors [3].

Another notable DEX is Paradex, built on Ethereum’s L2 network StartNet. Paradex, which markets itself as “The SuperDEX,” aims to scale open finance by improving onchain liquidity, performance, and privacy. The platform currently facilitates a 24-hour trading volume of $244 million with a TVL of $54.5 million and open interest at $73.5 million. It supports over 250 markets, including perpetual futures and options, and plans to introduce multiple collateral types, auto-borrow/lend features, and enhanced privacy through RPC masking in H2 2025. To prepare for its TGE, Paradex is running an XP and referral program, incentivizing traders to accumulate points through liquidity provision, trading, and collateral deposits [4].

Hibachi, another pre-TGE perp DEX, stands out for its privacy-focused approach, leveraging Succinct’s ZK technology to enable verifiable and private trading. All trading operations are verified using ZK proofs, with data submitted to Celestia for encryption. The platform supports popular non-custodial wallets such as Phantom, MetaMask, and Raby Wallet, and accepts USDC and USDT as collateral. To attract early users, Hibachi offers a reward program that includes mystery boxes, early user incentives, and a referral system that rewards existing users for bringing in new traders [1].

Satori Finance, backed by Polychain Capital, Jump Crypto, and Coinbase Ventures, utilizes on-chain settlement and off-chain aggregation to optimize the orderbook process for crypto derivatives trading. It is compatible with major blockchain networks, including Optimism, Scroll, Arbitrum, and BNB Chain, offering up to 25x leverage on crypto perpetual pairs. Satori Finance also allows traders to farm airdrop points through trading, referrals, task completion, and daily quests. The platform has attracted over 1.1 million users and has an open interest of $3.64 million [4].

As the crypto perpetual market continues to grow, these pre-TGE DEXs represent the next wave of innovation in on-chain trading. With their unique value propositions and strong community engagement, they are positioned to challenge the dominance of centralized exchanges and redefine how traders interact with crypto derivatives. Investors who engage with these platforms early may benefit from airdrop incentives as the market moves toward full token genesis launches.

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[1] https://zycrypto.com/crypto-perp-dexs-to-watch/