TLDR:
- Perpetual DEXs reached a record 11.7% of global volume compared to centralized exchanges.
- Delphi Digital predicts these platforms will evolve into “all-in-one” comprehensive financial services.
- Cumulative decentralized derivatives volume tripled in 2025, reaching $12.09 trillion.
The latest report from Delphi Digital reveals that decentralized perpetual contract exchanges are moving beyond trading niches to become the core of the crypto market. The report suggests that the future of Perp DEXs points toward the creation of full-service financial platforms that could directly challenge the role of traditional banking.
This structural shift is apparently due to investors preferring blockchain-based infrastructures that operate without interruptions and eliminate intermediaries. Consequently, the future of Perp DEXs will not be limited solely to derivatives trading but will integrate native lending, clearing, and custody functions into a single on-chain technological stack.
Service Integration and Expansion of the Decentralized Market
Protocols such as Aster, Paradex, and Hyperliquid, which are already competing to develop integrated credit capabilities, are clear examples of this evolutionary trend. Delphi Digital argues that while traditional finance remains fragmented and costly, the future of Perp DEXs offers a structural efficiency that is difficult for conventional banking systems to replicate.
Data supports this transition, as transaction volume on these platforms grew from representing 2.1% in 2023 to an impressive 11.7% by late 2025. However, for the future of Perp DEXs to reach a massive institutional scale, they must still overcome challenges in regulatory clarity, fiat integration, and advanced security.
In summary, the sector already manages more than $20 billion in total value locked (TVL), demonstrating unprecedented traction. Therefore, the future of Perp DEXs appears to be linked to expansion into tokenized real-world assets (RWA) and payments, consolidating their position as the new global financial hubs of the digital ecosystem.
