Perp DEX Wars Dominate Crypto Landscape in 2025

Perpetual futures have cemented their role as a cornerstone of the cryptocurrency market in 2025, with decentralized exchanges (DEXs) like Hyperliquid, Aster, GMX, DYdX, ApeX, Drift, Jupiter, EdgeX, and Sunperp leading the charge. These platforms are locked in a fierce battle for dominance, offering traders innovative ways to engage with derivatives sans expiration dates.

The absence of expiry dates in perpetual futures—or 'perps'—eliminates the need for contract rollovers, allowing positions to remain open indefinitely. Funding payments between long and short holders ensure prices stay tethered to spot market values. This feature has proven particularly attractive to traders seeking flexibility.

Decentralized exchanges have gained traction due to their non-custodial nature and enhanced privacy features. Advances in blockchain technology and smart contract capabilities have further fueled their rise, creating a robust infrastructure for derivative trading without intermediaries.