Decentralized exchanges captured 7.8% of total perpetual futures volume in 2025, up from 2.5% a year earlier, representing $6.7 trillion in transactions. This represents a 346% increase compared to 2024, while centralized exchanges reached $86.2 trillion with 47% growth. Hyperliquid dominates the decentralized segment with 30% to 50% of on-chain perpetual futures volume, thanks to its customized blockchain infrastructure offering ultra-low latency. RWA perpetual contracts accounted for up to 44% of Hyperliquid’s volume, significantly expanding the addressable market.
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