Hyperliquid News Today: Self-Custody and Liquidity Drive Perp DEXs to 26% Crypto Futures Market Share in 2025

Source: [1] Best Decentralized Perpetuals Exchanges in 2025 - DataWallet (https://www.datawallet.com/crypto/best-decentralized-perpetuals-exchanges)

[2] 2025 Perpetual DEX Rankings: Trading Volume Soars, Closely ... (https://www.aicoin.com/en/article/469756)

Decentralized perpetual exchanges (Perp DEXs) have emerged as formidable competitors in the crypto derivatives market, capturing 26% of total perpetual futures volume in 2025. This growth is driven by improved liquidity, reduced regulatory risk, and the appeal of self-custody. Hyperliquid dominates the sector, accounting for 80% of decentralized perpetual trading volume, with daily volume exceeding $15 billion and open interest surpassing $10 billion. Its custom Layer-1 blockchain and institutional-grade liquidity position it as a key player in the space .

1. : Leads with $15 billion daily volume, 50x leverage, and 0.05% taker fees. Its HyperBFT consensus and 200,000 TPS capacity enable sub-second trade execution.

2. : Bybit-backed DEX with $400 million daily volume and 100x leverage on BTC/ETH. Gas-free transactions and zero-knowledge proofs support 10,000 TPS.

3. : Solana-native exchange with $400 million daily volume and 20x leverage. Utilizes JIT liquidity and cross-margin trading.

4. : Maintains $140 million daily volume with 20x leverage and a Cosmos-based decentralized orderbook.

5. : Processes $250 million daily volume with 50x leverage, though a $40 million exploit in 2024 highlights liquidity risks.

6. : Solana-based platform with $380 million daily volume and 150x leverage on ETH/WBTC.

7. : Multi-chain DEX with $28 billion 30-day volume, supporting BNB Chain, Ethereum, and Arbitrum.

8. : Zero-fee model attracts arbitrage traders, with $5.84 billion 30-day volume.

9. : Multi-chain platform with $7.5 billion 30-day volume, operating on Arbitrum, BNB Chain, and Linea.

10. : Newcomer with $3.35 billion 30-day volume, leveraging a single-chain setup for streamlined execution .

The Perp DEX sector grew from $647.6 billion in 2023 to $1.5 trillion in 2024, with Hyperliquid's annual volume surging 25-fold to $570 billion. Solana and Arbitrum remain foundational, with Jupiter (Solana) and Hyperliquid (Arbitrum) leading in scalability and execution speed. Leverage competition has intensified, with platforms like Gains Trade offering up to 500x leverage, while RabbitX and Drift prioritize cost efficiency with zero fees .

Despite growth, DEXs face risks including smart contract vulnerabilities, oracle manipulation, and regulatory uncertainty. GMX's 2024 exploit underscores the need for robust security measures. Liquidity fragmentation across chains also poses challenges, though platforms like Hyperliquid and Aster are addressing this through multi-chain deployments.

Perp DEXs are reshaping the derivatives market, with Hyperliquid's dominance and technological advancements setting a benchmark. As decentralized platforms close the gap with centralized exchanges (CEXs)-Binance's 2025 volume reached $1.7 trillion-user adoption of self-custody and transparent trading is accelerating. The 2025 growth trajectory positions Perp DEXs as critical infrastructure for the next phase of crypto adoption .