The gap between centralized and decentralized exchanges is narrowing at an unprecedented speed.

The trading volume ratio of DEX derivatives skyrocketed from 2.1% on January 2, 2023, to 11.7% on November 11, 2025, setting a new historical high.

#Hyperliquid has become a major driving force, with trading volume reaching $2.74 trillion in 2025. High-performance on-chain engines are now comparable to traditional exchanges.

The trend continues to strengthen, and it is expected that by 2026, DEX will account for 15%-20% of the global derivatives trading volume. #DeFi