The share of perpetual decentralized exchanges (perp-DEX) in the total trading volume of perpetual futures has surged from 0.11% in January 2023 to 12.33% by September 2026, according to a report from Castle Labs.

The onchain perp ecosystem has massively accelerated and now represents over 13% of global perp volume, up from just 0.11% in January 2023. pic.twitter.com/FWFGg9YkV4

ā€” Castle Labs šŸ° (@castle_labs) October 1, 2026

This metric peaked at 14.25% in December 2025.

In October 2025, the monthly trading volume on perp-DEX reached an impressive $1.36 trillion.

For September 2026, onchain futures trading volume was recorded at $24.8 billion, with an open interest of $14.1 billion.

The segment's growth has been driven by tokenized real-world assets, which in July accounted for 19.6% ($147.5 billion) of the total perp-DEX turnover. Including centralized platforms, this figure exceeded 27%.

Source: Castle Labs.

Platforms like TradeXYZ have facilitated round-the-clock trading of traditional assets. Researchers noted that during the escalation of tensions between the U.S. and Iran, this platform was the only one to offer trading of WTI crude oil over the weekend.

Hyperliquid continues to lead in open interest, holding 56.8% of the total $14.64 billion. Following are Aster (9.7%), Variational (6.2%), Lighter (5.7%), and edgeX (4.2%).

Source: Castle Labs.

"Since Hyperliquid's launch, over 261 perp-DEX have been established. The market has evolved from a small number of protocols to numerous competing platforms," emphasized Castle Labs.

To recall, in June, Hyperliquid's open interest surpassed $10 billion, making it the third-largest platform for perpetual futures trading.

Follow ForkLog on social media

Telegram (main channel) Facebook X