Market Reality:
Perps + Event Streams Dominating

Perp CEX Volume Explosion

Hit $86.2T in 2025 (+47.4% YoY), solidifying dominance over spot markets.

DEX Perps Scaling Fast

Top-10 perp DEX volume reached $6.7T in 2025, capturing institutional flow.

Derivatives are the Market

Accounted for 73.7% of total CEX volume (Sept 2025). BTC perps are ~68% of BTC volume.