The competition among Perp DEXs is heating up in 2025: on-chain order books and high-leverage products are reshaping the landscape of the derivatives market. In 2025, Perp DEXs (Decentralized Perpetual Futures Exchanges) have become the core growth driver of the Crypto Assets derivatives market, with leading platforms like Hyperliquid and Aster seeing daily trading volumes repeatedly surpassing $1 billion, driving the quarterly total trading volume in this category to historical highs. This trend highlights the advantages of self-custody, on-chain auditability, and composability with the DeFi ecosystem, gradually siphoning off users and liquidity from mainstream CEXs. As technology iteration accelerates, competition among perpetual contract DEXs has expanded from order book design to multi-dimensional confrontations involving leverage multiples, cross-chain compatibility, and fee models. ###The rise of perpetual contract DEXs: advantages of self-custody and on-chain transparency. Perpetuals, as a type of derivative with no expiration date, anchor spot prices through the funding rate mechanism between long and short parties, allowing traders to hold positions indefinitely without needing to roll over. This design is widely popular in the crypto field and has become a major contributor to current trading volume. Compared to mainstream CEXs, the core advantages of perpetual contract DEXs lie in self-custody and on-chain transparency #成长值抽奖赢iPhone17和精美周边# #GateLayer正式上线# #BTC走势分析# .

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