The landscape of perpetual exchanges is undergoing a structural shift. Since BitMEX pioneered the format in 2016, centralized perpetual exchanges (Perp CEXes) have acted as the primary liquidity gateways for the crypto market, processing a staggering $85.3 trillion in volume in 2025 alone.
However, driven by rapid product innovation and a surge in on-chain activity, decentralized exchanges (Perp DEXes) have evolved from niche protocols into sophisticated competitors.
We’ve summarized the key highlights, but be sure to dig into the full 17 slides in the full report below.
Top 5 Highlights of CoinGecko’s State of Crypto Perpetuals Report 2026
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MEXC and BingX Have Listed The Most Perp Contracts…
