Perp DEXs become the latest battleground for blockchains

Chains are launching perp DEXs to capture trading activity, but history suggests liquidity will consolidate around only a handful of platforms.

In crypto’s latest infrastructure race, blockchains are competing to host perpetual futures exchanges. Many are now launching or incubating decentralized derivatives markets themselves, even as centralized platforms continue to dominate.

Derivatives make up most of today’s crypto trading activity, often accounting for the majority of total volume. On Tuesday, Bitcoin (BTC) spot trading volume across centralized exchanges reached about 55,230 BTC while derivatives volume totaled more than 506,600 BTC, according to CryptoQuant.

Perpetual decentralized exchanges, or perp DEXs, now act as core infrastructure as they give traders, market makers and institutional participants access to leveraged products, according to Nina Rong, executive director of growth at BNB Chain.

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