In the second quarter of 2025, perpetual trading on decentralized exchanges (DEX) soared to an $898 billion in volume, according to CoinGecko. Hyperliquid was at the forefront of this trend, taking 72.7% of the market share. It recorded $653.2 billion in trading volume and ranked eighth among all perpetual trading platforms, including centralized exchanges.
The report states that decentralized exchanges saw record growth in both spot and perp volumes. Most of it was driven during the Hyperliquid wave, where the exchange saw significant traction.
Besides Hyperliquid, only three other perp DEXs saw volume growth: Aster, RabbitX, and EdgeX. Aster, formerly APX Finance, saw volume double after launching its Pro mode. Meanwhile, dYdX continued to slide. Its average monthly volume dropped to $5.3 billion—half of January’s figure.
Crypto Market Recovers, But Centralized Volumes Fall
The crypto market made a comeback in Q2, with total market capitalization soaring by 24.0% to reach $3.5 trillion. Bitcoin was at the forefront of this resurgence, breaking through $100,000 and hitting a new all-time high. Its market dominance climbed to 62.1%, drawing in the majority of the capital inflow. However, spot volumes on centralized exchanges fell again, down 27.7% QoQ to $3.9 trillion.
In contrast, spot volumes on decentralized exchanges rose 25.3% QoQ. This spike pushed the DEX:CEX volume ratio to an all-time high. PancakeSwap led the spot DEX sector, benefiting from the wider shift.
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