Crypto Perpetual Trading Market Surges 79.6% in 2024, Led by CEXs and DEXs

In 2024, the crypto perpetual trading market witnessed unprecedented growth, driven by both centralized exchanges (CEXs) and decentralized exchanges (DEXs). This surge can be attributed to a combination of factors, including robust market demand, technological advancements, and the continuous evolution of the crypto trading landscape.

Centralized exchanges continue to dominate the market, but decentralized platforms are rapidly gaining traction. New entrants like Hyperliquid have shown impressive growth, contributing to the overall expansion of the perpetual trading market. Bitcoin remains the leader in open interest, while DEXs are experiencing rapid top-line growth, setting new precedents for the market.

Centralized exchanges achieved a staggering $58.5 trillion in perpetual trading volumes in 2024, marking a significant increase from previous years. The top 10 centralized perpetual exchanges reached a combined trading volume of $21.2 trillion in the fourth quarter of 2024, reflecting a monthly growth rate of 79.6% from the third quarter. This growth highlights the dominance of CEXs in the crypto trading space, with Binance leading the pack. Coinbase also made a notable entry into the top 10 perpetual exchanges, driven by a nearly fourfold increase in trading volume from October to December 2022.

On the decentralized side, the top 10 DEXs collectively tallied $492.8 billion in total trading volume in the fourth quarter of 2024, representing a 55.9% increase from the third quarter. Hyperliquid emerged as the clear leader in the DEX perpetual market, capturing over 55% of the market share by the end of the year. JupiterExchange secured the second-largest position, although Solana-based DEXs accounted for only about 15% of the overall DEX volumes. Despite this, Solana DEXs are showing more rapid growth compared to their on-chain peers, indicating a potential shift in the decentralized trading landscape.

Bitcoin's dominance in the perpetual trading market remained unchallenged, with the top central exchanges accumulating over $100 billion in open interest by November 2024. Approximately 45% of this open interest was attributed to Bitcoin, with Ethereum contributing just over 20% and Solana a mere 4%. Bitcoin's leadership in open interest is reinforced by significant price movements and institutional interest throughout the year. Solana's perpetual contracts also experienced spikes in trading volume, correlating with discussions around its underpinned assets.

Looking ahead, the future of perpetual trading in crypto appears promising. Both CEXs and DEXs are experiencing growth, driven by innovations and the increasing demand for crypto derivatives. Bitcoin continues to reign supreme, while decentralized platforms like Hyperliquid are paving the way for new trading opportunities. As decentralized finance (DeFi) gains traction among retail and institutional traders, the balance between CEX and DEX perpetual volumes is poised for further evolution. The crypto perpetual market is set for substantial growth in 2024, with enhanced innovation and adoption shaping the future of perpetual contracts within the crypto ecosystem.