In today’s briefing:
- The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot
The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot
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The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark.
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In the conservative scenario, the DEX-to-CEX perpetual volume ratio has been in steady growth, going from 4% to 12% in 2025. We believe this trend will continue.
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In our opportunistic prediction scenario, Perp DEX trading volume can reach 2X of that on CEX by the end of 2028.
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