DEX vs CEX: Hyperliquid’s Rise as CEX Volumes Decline

According to The Block, the DEX-to-CEX perpetual trading volume ratio reached 8% in June 2025, up from 6.84% in May 2025 and 4.78% in June 2024. Hyperliquid’s market share in perpetual DEX trading also grew, rising from 69.77% in May to 75% in June.

Meanwhile, spot trading volume on centralized exchanges (CEXs) fell to $1.07 trillion in June, the lowest level in the past nine months. At the same time, the DEX-to-CEX spot volume ratio climbed to a new record of 29%.

Over the past 12 months, Hyperliquid has recorded more than $1.57 trillion in onchain perpetual trading volume, its highest total to date. According to Dune Analytics, Hyperliquid generated $56 million in fees and revenue in June 2025, bringing its cumulative revenue to $312 million.

Perpetual Market: Hyperliquid’s Growing Share Against Binance

The charts show that Binance maintained a significantly larger perpetual volume compared to Hyperliquid throughout the year. Hyperliquid’s volume remained relatively stable but gradually increased. The Hyperliquid-to-Binance ratio showed a consistent upward trend from November 2024, peaking at 11.3% in June 2025. The DEX-to-CEX futures trade volume ratio has been steadily increasing since November 2024, reaching its highest point of 8% in June 2025.

Hyperliquid consistently dominated perpetual trade volume across the displayed months. Trade volumes peaked in January 2025 and again in May 2025. Apex’s share increased notably from April 2025 onwards. Other protocols like GMX, SynFutures, Drift, and the category "8 Others" maintained relatively smaller portions throughout.

Hyperliquid’s market share steadily increased throughout the year. Jupiter and Apex fluctuated but maintained visible market shares, with Apex expanding from early 2025. Also, Aster gained significant market share in June. Hyperliquid’s dominance became more pronounced from January 2025 onwards. The market shares of other DEXes remained relatively minor and stable over time.

Spot Market: CEX Pullback as DEX Rallies

According to the charts, the peak spot trading volume on CEXs was recorded in December 2024, reaching approximately $3 trillion. Volume consistently declined from January 2025 to June 2025, with June’s volume dropping to $1.07 trillion, the lowest level in the past nine months. Throughout this period, Binance consistently contributed the largest share of CEX spot volume.

In contrast, DEX volumes peaked in January 2025, nearing $500 billion. After this peak, DEX volume declined in February and March but began to recover in May and June 2025, approaching levels similar to November 2024. Notably, while CEX volumes continued to fall, DEX volumes rebounded in the later months.

The surge in May and June was also supported by rising contributions from PancakeSwap, which may be linked to the Binance Alpha Point program. The Alpha Points program helped drive a wave of new activity on the BNB Chain by offering airdrops and token generation events (TGEs) to eligible users who achieved sufficient scores through trading Alpha tokens on the Binance Wallet. This directly benefited PancakeSwap, the network’s leading decentralized exchange.

Additionally, the DEX-to-CEX spot trade volume ratio climbed sharply in June 2025, reaching a record high of nearly 30%, reflecting growing user activity on decentralized platforms despite the overall market downturn.

This growing interest in decentralized trading runs in parallel with a broader market shift, where institutions continue to favor Bitcoin while retail participation remains hesitant.

In recent months, many companies have been actively buying Bitcoin and other cryptocurrencies, such as Ethereum, as part of their strategic reserves. This trend further reinforces the view that Bitcoin’s steady price, which continues to hover near its all-time high, is largely supported by institutional buying. Meanwhile, the altcoin market remains nearly 40% below its peak, indicating that retail participation is still subdued, according to Min Jung, a research analyst at Presto Research.

Despite Setbacks, Hyperliquid’s Volume Continues to Climb

While the broader market was still reeling, Hyperliquid quickly stepped into the spotlight with a series of headline-grabbing events. The platform gained significant attention starting in early 2025, following several incidents that resulted in losses.

The turning point came on March 26, 2025, with the infamous $JELLYJELLY incident. On that day, a user opened a $4.08 million short position on $JELLYJELLY and intentionally drove the price down by selling on the spot market. Once the short appeared profitable, the attacker withdrew margin to deliberately trigger liquidation, forcing Hyperliquid’s vault to take over the position. The attacker then quickly pumped the price by buying $JELLYJELLY, causing a 230% surge and significant losses for the vault.

Although Hyperliquid swiftly delisted the $JELLYJELLY contract and avoided a direct loss, damage to its reputation was done. The incident shattered confidence and raised serious concerns about the platform’s liquidation processes, risk management, and its commitment to decentralized principles.

Many believed Hyperliquid would not survive. X was flooded with doubts, and some even predicted its collapse. However, on-chain data told a different story. Hyperliquid’s volume continued to grow, even without the influence of HYPE airdrops. The platform’s growth appeared to be organic. The platform’s volume doubled within a month, climbing from $75 billion in November to $150 billion in December 2024, following the $1.2 billion HYPE token airdrop. The HYPE token has also remained strong, currently trading at $38.

In May, legendary trader James Wynn also joined the Hyperliquid battlefield, reigniting attention. Even Wintermute cofounder, Evgeny Gaevoy publicly stated that this was "a well-executed Hyperliquid promo". Posts about Wynn's Hyperliquid trades attracted significant views, as the crypto community followed the series of episodes closely.

Looking Ahead

Across the broader market, CEX spot volumes have been in steady decline since peaking in December 2024, while DEX volumes, after a brief pullback, are showing signs of recovery. The DEX-to-CEX spot volume ratio climbed to a record 29% in June 2025, reflecting a noticeable shift in user activity toward decentralized platforms. As this trend continues, the balance of trading power between centralized and decentralized exchanges may become an increasingly important market signal in the months ahead.