Perpetual DEXes are on pace to more than double last year’s record activity.
Through H1 2025, on-chain derivatives volume accelerated materially (~$1.5T); at the current run rate, full-year activity could roughly double 2024’s high ($3.2–$3.5T).
This is less about macro beta and more about a structural shift in user preference as decentralized venues close the execution, access, and UX gap with centralized platforms.
@dYdX remains a category leader and is positioned to capture some of this share on the back of recent upgrades and an ambitious H2 and 2026 roadmap.
đź“– For more insights from the H1 2025 Semi Annual report, visit:
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