Perp DEXs Break Records With 11.7% Market Share in November

[mendez]

Decentralized perpetual futures trading is accelerating fast. The DEX-to-CEX perps ratio hit a new record of 11.7% in November 2025, marking 14 consecutive months of growth. Perp DEX volume surged to a record $903B in October, signaling a structural shift as traders increasingly opt for onchain derivatives over centralized alternatives.

[Nahid Hossen]

Strong milestone—perp DEX adoption is accelerating faster than expected.

[Rimon Khan]

Regulatory uncertainty is pushing traders toward decentralized alternatives.