The Rise and Future of Perp DEX: A Structural Revolution in On-Chain Derivatives


Over the past two years, one of the most significant changes in the crypto market has not been a new public chain or a popular narrative, but rather the gradual and continuous migration of derivatives trading from centralized exchanges to on-chain platforms. In this process, Perpetual DEX (Decentralized Perpetual Contract Exchanges) has gradually evolved from an experimental product to one of the most valuable tracks within the DeFi ecosystem.
If spot trading is considered the starting point of DeFi, then perpetual contracts are becoming its true "cash flow core."
Why is Perp DEX on the rise?
In the traditional crypto trading system, perpetual contracts have long been the most important profit source for centralized exchanges. Whether it’s trading fees, funding rates, or additional earnings from liquidations, CEXs almost monopolize the entire derivatives cash flow.
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