Quick Breakdown
- HTX Research reports perpetual DEX markets hit a record $1.8 trillion in volume.
- SunPerp dominates as the top-performing protocol in the sector.
- Surge signals growing investor confidence in decentralized derivatives trading.
HTX Research has released its latest report titled “From AMM to CLOB — The 2025 Perpetual DEX Boom, Competitive Reshuffle, and SunPerp’s Upward Curve,” detailing the massive expansion and structural transformation of the decentralized perpetual exchange (Perp DEX) sector in 2025.
Perpetual DEX market surges to record levels
According to the report, perpetual DEXs have entered a rapid growth phase, reaching unprecedented levels across trading volume, user base, and total value locked (TVL). Market share climbed from just 2.7% at the end of 2024 to 26% by mid-2025, signaling a strong migration from centralized exchanges (CEXs) to decentralized platforms.
Total trading volume surpassed $1.8 trillion in Q3 2025, with single-month records exceeding $1 trillion for the first time. The total value locked in perpetual DEXs grew nearly fivefold to $20 billion, while daily active users surged to 400,000, up 700% from the previous year. HTX Research attributed much of this expansion to Asian markets, particularly Chinese-speaking user communities.
Technological race and SunPerp’s rise on TRON
The report highlighted a clear technological shift from Automated Market Maker (AMM) systems to Central Limit Order Book (CLOB) models, which now account for over 70% of perpetual DEX trading volume. Platforms like Hyperliquid, Aster, dYdX, and Lighter continue to shape this landscape, each employing unique blockchain architectures and fee structures.
Notably, SunPerp, TRON’s first native perpetual DEX, emerged as a key contender. Leveraging TRON’s $80 billion USDT liquidity, zero-gas trading, and millisecond-level order execution, the platform has reached $1.8 billion in cumulative volume since its September beta launch. HTX Research expects SunPerp’s hybrid off-chain/on-chain architecture and cost-efficient model to capture a growing share in the “TRON × derivatives” segment through 2026.
Notably, HTX Research identifies crypto credit and InfoFi—a new sector centred on financial data infrastructure as two fast-emerging verticals poised to drive the next major growth cycle in digital assets. These developments suggest that the future of DeFi will be increasingly shaped by institutional needs, technical sophistication, and policy-driven legitimacy.
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