Chainfeeds Summary:
In 2025, the open interest share of decentralized perpetual exchanges continued to rise, currently accounting for 13.5%, with Hyperliquid ranking first.
Article source:
https://www.coingecko.com/research/publications/state-of-crypto-perpetuals-report-2026
Article Author:
CoinGecko
Opinion:
CoinGecko: Since January 2025, MEXC and BingX have become the two exchanges with the most perpetual contracts launched, adding 879 and 565 perpetual contracts respectively, averaging 55 and 35 contracts per month. Both exchanges have adopted a more aggressive strategy, focusing on launching perpetual contracts for long-tail crypto assets. Among the top 11 exchanges, 6 have added fewer than 20 perpetual contracts per month on average, reflecting a more conservative strategy. Crypto.com added the fewest perpetual contracts, from 2 per month in December 2025 to a maximum of only 13 per month in April 2026. It is worth noting that most large exchanges have launched more perpetual contracts than spot contracts. For example, Binance added 305 perpetual markets in the past 16 months, while only 125 spot markets were added, with most of the new assets being Meme Coin and AI-related token contracts. The average monthly trading volume of the top 11 perpetual contract centralized exchanges (Perp CEXs) has declined from $7.11 trillion in 2025 to $4.69 trillion in the first four months of 2026, a drop of 34.0%. BingX is currently the strongest performing platform in 2026, with its market share rising from 3% in 2025 to 5% in 2026. It is now the seventh largest Perp CEX in the first four months of this year. Meanwhile, Bitget's trading volume has declined significantly in 2026, with its average monthly trading volume falling from $740.62 billion in 2025 to $287.08 billion, a drop of 61.2%. However, it still maintains a market share of approximately 6%, ranking sixth. In the top markets, Binance and OKX continue to consolidate their positions, with slight increases in market share. In the first four months of 2026, Binance and OKX held market shares of 33% and 15%, respectively. 2025 was a pivotal year for Perp DEX. Total trading volume reached $6.38 trillion, compared to only $1.50 trillion in 2024. Even with an overall market downturn, 2026 is expected to catch up with or even surpass 2025 trading volume. As 2026 progresses, emerging Perp DEXs like Pacifica, Extended, and Variational continue to expand their market share. Notably, all three platforms have launched points programs, potentially indicating future airdrops. In April, their market shares reached 4%, 4%, and 3% respectively, surpassing established platforms like Jupiter and dYdX. The Perp DEX:CEX trading volume ratio continued to climb in 2025, rising from just 3% in January to 13% in December. However, this ratio has since declined from its peak, dropping to 10% in April 2026. This marks the first time since October 2025 that Perp CEX has regained its dominant 90% market share. Most of the trading volume on the Perp DEX comes from Hyperliquid. For example, Hyperliquid's trading volume reached $190.28 billion in April, accounting for approximately 3.9% of the total trading volume across all Perp trading platforms. [Original text in English]
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