In December, decentralized exchanges (DEXs) saw a significant increase in futures trading volume, reaching a record 10.17% of volume on centralized exchanges (CEXs). This increase comes in view of the significant improvements in user experience and infrastructure in the chain in recent years.
The increase in DEX futures trading can also be attributed to the increasing adoption of platforms such as Hyperliquid, Jupiter, ApeX, Satori Finance and Drift, which have consistently grown in recent months.
Remarkably, these platforms grew by an average of 26.5% per month in 2024. In December, total trading volume on decentralized exchanges (DEXs) reached $285 billion, driven by the strong growth of some leading platforms.
Hyperliquid led the pack by contributing a whopping 78.8% of total DEX futures volume. In December alone, Hyperliquid recorded more than $225 million in monthly volume, while other platforms such as Jupiter, ApeX, Satori Finance and Drift accounted for smaller portions. After Hyperliquid, Jupiter captured 9.8% of the market and traded over $28 million in December.
While DEX futures trading is growing, centralized exchanges (CEXs) still dominate in terms of overall volume. In December, Bitcoin futures on CEXs totaled more than $2.14 trillion, and Ethereum futures totaled $1.28 trillion. However, Bitcoin futures volumes on CEXs fell 17% compared to November, and Ethereum volumes remained stable. This shows that while DEXs are gaining market share, CEXs still have much higher trading volumes.
In December, centralized exchanges (CEXs) led with Bitcoin futures at $2.14 trillion and Ethereum futures at $1.28 trillion. Despite this, decentralized exchanges (DEXs) are steadily increasing their market share.