Perp DEX Market Share Climbs to 13.5% as CEX Dominance Declines in Crypto Perpetual Trading
Perp DEXs have significantly increased their market share of open interest, rising from 3.6% at the start of 2025 to 13.5% by April 2026, while monthly average trading volume for top Perp DEXs rose to $611.57B in 2026. Conversely, top CEX monthly average trading volume dropped 34% to $4.7T in 2026, indicating a shift in crypto liquidity.
CoinGecko's 2026 Crypto Perps Report is now LIVE 📊 Perp CEXes have dominated crypto liquidity since 2016, processing $85.3T in volume in 2025 alone. Now, Perp DEXes are evolving from niche protocols into serious competitors. Here are 5 highlights you shouldn't miss 👇
2/ Top 11 Perp CEX monthly average trading volume dropped 34% to $4.7T in 2026 📉 • @BingXOfficial saw market share climb from 3% to 5%, now ranked #7 in 2026. • @Binance and @OKX hold 33% and 15% market share respectively in the first four months of 2026.
3/ Top 12 Perp DEX monthly average trading volume rose to $611.57B in 2026 from $531.65B in 2025 📈 • Volume hit $751.59B in January but has since eased to $481.84B in April. • Newer DEXes @Pacifica_fi, @Extendedapp, and @Variational_io each hold 3-4% market share in April.
5/ Perp DEXes now hold 13.5% of OI, up from 3.6% at the start of 2025 🟢 • Total crypto OI fell from $120.4B at the start of 2025 to $99.1B by the end of April 2026. • CEXes still dominate OI, but their share fell from 96.4% at the start of 2025 to 86.5% as of April 30, 2026.