DEX Futures Trading Reaches $285B in 2024, Hyperliquid Dominates
In December, futures trading volume on decentralized exchanges (DEX) increased significantly, reaching a record 10.17% of centralized exchange (CEX) trading volume. This growth comes as a result of significant improvements in on-chain user experience and infrastructure over the past few years.
The growth in DEX futures trading can also be attributed to the growing popularity of platforms such as Hyperliquid, Jupiter, ApeX, Satori Finance and Drift, which have continued to grow in recent months.
Superliquids lead the way
Notably, these platforms will grow by an average of 26.5% per month in 2024. By December, total trading volume on decentralized exchanges (DEX) reached $285 billion, driven by strong growth among a handful of leading platforms.
Hyperliquid is in the lead, contributing 78.8% of the total DEX futures trading volume. In December, Hyperliquid alone’s monthly trading volume exceeded $225 million, while other platforms such as Jupiter, ApeX, Satori Finance, and Drift accounted for smaller shares. Following Hyperliquid, Jupiter holds 9.8% of the market, with sales exceeding $28 million in December.
CEX dominates trading volume
Despite the growth in DEX futures trading, centralized exchanges (CEX) still dominate overall trading volume. In December, the total number of Bitcoin futures on CEX exceeded $2.14 trillion, and Ethereum futures reached $1.28 trillion. However, Bitcoin futures trading volume on CEX fell by 17% compared to November, while Ethereum trading volume remained stable. This shows that while DEXs are gaining market share, trading volumes on CEXs are still much higher.
In December, the price of Bitcoin futures on centralized exchanges (CEX) was $2.14 trillion and the price of Ethereum futures was $1.28 trillion. Despite this, decentralized exchanges (DEX) are steadily growing in market share.
