#Bybit #Dubai #UAE #Hyperliquid #Crypto DEXs

The Rise of Perpetual DEXs

In a recent report, Bybit, recognized as the world's second-largest cryptocurrency exchange by trading volume, unveils transformative trends in the decentralized finance landscape. The collaboration with Block Scholes brings to light the explosive adoption of decentralized perpetual exchanges (perp DEXs) that have surged since late 2024, profoundly reshaping how traders engage with the crypto markets.

Key Findings from the Report

The report reveals how perp DEXs have revolutionized trading with their unique advantages. These exchanges stand out due to features such as:

• - Speed and Accessibility: Perp DEXs provide seamless and faster trading experiences compared to traditional platforms.
• - On-Chain Transparency: Users can track their transactions securely on the blockchain, ensuring transparency.
• - Autonomy for Traders: As traders migrate from centralized exchanges (CEXs) and spot DEXs, they are drawn towards the autonomy and frictionless onboarding experiences offered by perp DEXs.

One standout performer highlighted in the report is Hyperliquid, which commanded an impressive 58% market share of trading volume among the leading eight perp DEXs in 2025. Notably, it consistently outpaced other platforms like Uniswap in fee generation since May. Hyperliquid’s native token, HYPE, has seen a staggering six-fold increase since April 2025, driven by innovative tokenomics such as a 97% revenue buyback program aimed at maintaining stability and encouraging investment.

Traders Embrace New Opportunities

The report delves into the reasons behind the ongoing shift towards perp DEXs, focusing on several factors:

• - Enhanced Token Listings: Unlike traditional CEXs, perp DEXs allow for quicker listings of new tokens, enabling traders to capitalize on emerging opportunities.
• - Competitive Fees: With lower transaction costs, traders are incentivized to explore the enhanced fee structures presented by perp DEXs.
• - Leverage Options: Offering leverage of up to 100x, these platforms attract high-risk tolerance traders looking to maximize potential profits.

However, challenges remain. The impending token unlock scheduled for November 29, 2025, could lead to fluctuations in HYPE's market performance. Should the buybacks fail to match the unlock, it may dilute the token's value and threaten its significant growth trajectory.

The Future of Crypto Trading

The Bybit x Block Scholes report emphasizes that perp DEXs are gaining traction as the next frontier of crypto trading, bolstering the call for transparency, security, and user-centric experiences. As traders gravitate towards these platforms, the shift represents not just a trend but a fundamental change in how markets operate.

Hyperliquid's unique positioning within this space, alongside the rising interest in self-custody options, creates a dynamic market landscape filled with both opportunities and risks. Today's traders are faced with challenges such as liquidity fragmentation but are simultaneously invited to explore innovative solutions offered by decentralized finance. The report serves as a valuable resource for individuals keen on navigating the evolving crypto landscape, emphasizing the importance of understanding these trends for future investments.

The complete analysis can be accessed in the full Bybit x Block Scholes Crypto Derivatives Analytics Report.