Perp DEXs will not displace Centralized Exchanges (CEXs) as the primary trading venue in the near term. Hyperliquid’s standout 2025 performance and airdrop-driven growth have catalyzed the Perp DEX sector. Weekly volumes surged from $81B in 2024 to $314.7B, while monthly volumes repeatedly broke the $1T barrier, making Perp DEXs the primary engine of crypto derivatives. This shift has triggered a wave of institutional on-chain expansion: Amber has incubated EdgeX; Binance has introduced Aster and StandX; Revolut launched Extended; and Bain Capital alongside Sequoia India has backed Variational. #hyperliquid #perpDEX(BloFin Research)