According to DefiLlama, the market share of decentralized exchange perpetual futures has shifted significantly since 2021, with dYdX leading early and Hyperliquid now at the top.
DefiLlama’s data highlights a major change in the decentralized exchange market for perpetual futures (crypto derivatives without expiry). Since 2021, dYdX, a decentralized exchange focused on perpetual trading, led early activity in the sector. The latest view shared by DefiLlama shows Hyperliquid, a decentralized trading platform, now holding the leading position in DEX perpetual futures volume. The shift indicates how trading activity in on-chain derivatives has moved between platforms as market structure, user preferences, and liquidity conditions evolved over time.