DEX Futures Trade Volume Reaches Record High

In December, DEX futures trade volume as a percentage of CEXs hit an all-time high of 10.17%. This marks its highest point in recent history.

This rise should come as no surprise, given the significant improvements in on-chain user experience and infrastructure over the past few years. The increase in DEX futures trading can be attributed to the growing adoption of platforms like Hyperliquid, Jupiter, ApeX, Satori Finance, and Drift, which have consistently grown in recent months.

Throughout 2024, the total volume on these DEXs increased at an average rate of 26.5% per month. By December, the cumulative volume reached $285 billion, driven by exceptional growth among a few standout platforms.

Hyperliquid emerged as the leader, contributing 78.8% of the total DEX volume, with a monthly volume of over $225 million in December. Following Hyperliquid, Jupiter captured 9.8% of the market, recording over $28 million in December.

Other contributors included ApeX, Satori Finance, and Drift, which accounted for 6.2%, 3.6%, and 1.6% of the volume, respectively. These standout DEXs were selected as they consistently displayed increasing volumes in recent months.

While the cumulative total of these DEXs has recorded a new monthly high in December, the same cannot be said for CEXs. The total volume for Bitcoin and Ethereum futures on CEXs in December failed to surpass the highs recorded in the previous month.

Bitcoin futures volumes on CEXs in December were 17% lower than in November, while Ethereum futures volumes on CEXs remained roughly equal to November levels. Despite these declines, the absolute numbers remain significantly higher than those of their DEX counterparts.

In December, Bitcoin futures on CEXs generated over $2.14 trillion in volume, while Ethereum futures accounted for $1.28 trillion, illustrating the continued dominance of centralized platforms in sheer scale.

Regardless, the data underscores a clear and undeniable trend, as decentralized futures platforms are steadily eating into the market share of their centralized counterparts.

This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.