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Perpetual Contracts Surge 27% as CEX Volumes Rise in 2025

Mainstream centralized exchange trading grew, but a sharp drop in app downloads suggests slowing user growth amid record volumes on top perpetual DEX.

HYPE

Summary

Mainstream centralized exchange spot trading volumes in 2025 increased by 3.6%, while perpetual contract volumes surged 27%. Despite this growth in trading, app downloads for centralized exchanges fell 35.47%, signaling a slowdown in new user acquisition. In the decentralized exchange sector, Hyperliquid led all perpetual platforms with nearly $3 trillion in contract trading volume.

Terms & Concepts
  • Centralized Exchange (CEX): A cryptocurrency trading platform where transactions are facilitated and managed by a central authority or company.
  • Perpetual Contract: A type of futures contract that has no expiry date, allowing continuous trading and positions without settlement deadlines.
  • DEX (Decentralized Exchange): A crypto trading platform that operates without a central authority, enabling peer-to-peer transactions via blockchain smart contracts.