In 2025, the world of decentralized perpetual exchanges (DEXs) fluttered into a crescendo of frenzied growth, their trading volumes swelling like a well-timed Ponzi scheme. The hybrid central limit order book (CLOB) models, with their uncanny ability to mimic centralized exchanges (CEXs), whispered sweet nothings of efficiency to users, narrowing the gap with the subtlety of a moth closing its wings. One might say the CEXs were left gasping, clutching their KYC forms like a child’s lost security blanket.
HTX Research, that most diligent of crypto scribes, has penned a treatise on these digital chrysalises-perpetual DEXs-and their evolution from timid larvae to market-dominating butterflies. Spoiler: it’s less “revolution” and more “glorified order book cosplay.”
The Metamorphosis of Perpetual DEXs: A Tale of Two Order Books
Perpetual DEXs, those digital alchemists, emerged in 2019 and have since transformed the DeFi landscape with all the subtlety of a flamethrower. Their ascent? A masterclass in practicality, though one suspects the real artistry lies in the airdrop math.
The first wave, led by dYdX, adopted CLOB designs with the enthusiasm of a poet reciting haikus-offchain order books paired with onchain settlements, all while mimicking CEXs like a peacock mimicking a diplomat. But the market, ever hungry, demanded more. Enter the AMM revolution: GMX and Perpetuals Protocol, wielding oracle-priced liquidity pools like enchanted wands, casting spells of automated market making. A symphony of chaos, if you will.
Now, the reigning kings are the hybrid CLOBs-Hyperliquid, that digital serpent, shedding its skin to reveal onchain custody and custom appchains. These beasts achieve execution speeds that would make a cheetah blush, all while offering spreads tighter than a bear market investor’s wallet. One might call it progress… or a very expensive game of Whac-A-Mole.
With KYC-free onboarding and airdrop-laden incentives, perpetual DEXs have claimed 26% of the futures market-a rise from 2.7% in 2023 that reads like a fairy tale, if the fairy wore a hoodie and spoke in hex codes.
Read the full report to witness the tragicomedy of decentralized derivatives trading-or better yet, send a goat to the moon and forget about it.
Perp DEXs: The New Kings of Chaos and Candy 🍭
Hyperliquid, the digital equivalent of a chess grandmaster, stormed the market in 2023 and reached 73% dominance by Q2 2025. Alas, the throne is slippery, and new rivals like Aster and Lighter, armed with Binance’s ecosystem and airdrop artillery, now nibble at its crown. Hyperliquid now clings to 32% of the volume, its $9 billion open interest a mere shadow of its former glory. One suspects the native token, HYPE, was less a phoenix and more a parrot repeating “buy the dip.”
Aster, that sly fox, leveraged Binance’s ecosystem like a vampire at a blood bank, climbing to second place in open interest. Meanwhile, Lighter, with its minimalist branding, has become the TikTok of DEXs-popular, fleeting, and likely to be rebranded next week.
The perp DEX arms race? A gladiatorial arena where features and fees duel like dueling banjos. In the medium term, liquidity depth will be the new “cool kid’s password,” and crosschain accessibility will either save or bury the market. Either way, it’s a party crasher’s paradise.
For more details on these digital phantoms and their technical jargon-filled magic tricks, consult the full report. Or don’t-your mileage may vary, and your portfolio will judge you.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of CryptoMoon. 🚨
CryptoMoon does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions. (Yes, even if it’s a typo.)
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2025-11-06 18:28