KEY TAKEAWAYS
- Bybit’s report highlights the rapid growth of decentralized perpetual exchanges (perp DEXs) as a major trend in the crypto market.
- Hyperliquid dominates the perp DEX market, capturing 58% of trading volume and surpassing Uniswap in daily fee generation.
- Perp DEXs attract traders with benefits like self-custody, fast token listings, and high leverage options.
- Challenges such as liquidity fragmentation and token unlocks present both risks and opportunities in the perp DEX landscape.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report. The report, announced here, highlights significant trends in the cryptocurrency market, particularly the rise of decentralized perpetual exchanges (perp DEXs).
Since late 2024, perp DEXs have experienced explosive growth, reshaping the trading landscape with their speed, accessibility, and on-chain transparency. These platforms are increasingly viewed as the next frontier in crypto trading, offering a blend of speed, security, and transparency that rivals traditional centralized platforms.
Hyperliquid’s Dominance in the Perp DEX Market
Hyperliquid has emerged as a dominant player in the perp DEX market, capturing 58% of trading volume across the top eight perp DEXs in 2025. The exchange’s daily fee generation has consistently outpaced Uniswap since May, contributing up to 60% of total fees across major blockchains.
Traders are migrating from centralized exchanges (CEXs) and spot DEXs to perp DEXs due to several advantages. These include frictionless onboarding, self-custody, faster token listings, competitive fee structures, and leverage options up to 100x.
Challenges and Opportunities in the Perp DEX Landscape
The report also highlights the performance of Hyperliquid’s native token, HYPE, which has surged more than six-fold since April 2025. This growth is supported by a 97% revenue buyback program. However, a major token unlock beginning November 29, 2025, could dilute this momentum unless buybacks scale further.
While perp DEXs offer significant opportunities, they also present challenges such as liquidity fragmentation and upcoming token unlocks. These factors contribute to a dynamic market environment, presenting both opportunities and risks for traders and investors alike.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit’s recent report highlights the significant rise of decentralized perpetual exchanges (perp DEXs), with platforms like Hyperliquid leading the market. This trend is reshaping the crypto trading landscape by offering speed, security, and transparency.
Recent industry reports indicate that perp DEXs have captured a 26% share of the total crypto derivatives market, a dramatic rise from single digits in late 2024. This aligns with the news of Hyperliquid’s dominance, capturing 58% of trading volume among the top eight perp DEXs.
As per insights from TDeFi, the growth of perp DEXs is driven by technological advancements and increased institutional participation, despite challenges such as token unlocks. This supports the significance of Bybit’s report on the evolving trading dynamics and the competitive edge perp DEXs offer in the DeFi space.
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