Castle Labs: DEX share of perpetual futures trading jumps from 4% to over 13%
- —30-day perp volume was 4.7x spot, accounting for over 82% of all crypto trading
- —DEX share of perp volume climbed from 4% in 2024 to over 13%, peaking at 14.25% in December 2025
- —On-chain perp open interest hit a record $15.18 billion, with Hyperliquid at over 56%
- —RWA perp volume reached $123 billion in August, 15% of on-chain volume, with TradeXYZ and Variational at 90%
Why it matters: DEXs are taking share from CEXs in crypto's largest derivatives segment, while RWA perpetuals emerge as a new growth driver for on-chain trading.
Source: Blockmedia