DEX Futures Trading Reaches $285B in 2024, Hyperliquid Dominates

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In December, decentralized exchanges (DEXs) saw a significant increase in futures trading volume, reaching a record 10.17% of the volume seen on centralized exchanges (CEXs). The rise comes given the significant improvements in on-chain user experience and infrastructure over the past few years. 

The increase in DEX futures trading can also be attributed to the growing adoption of platforms like Hyperliquid, Jupiter, ApeX, Satori Finance and Drift, which have consistently grown in recent months.

Hyperliquid Leads The Pack

Remarkably, these platforms grew at an average rate of 26.5% per month throughout 2024. By December, the total trading volume on decentralized exchanges (DEXs) reached $285 billion, driven by strong growth from a few leading platforms.

Hyperliquid led the pack by contributing a huge 78.8% of the total DEX futures volume. In December, Hyperliquid alone recorded over $225 million in monthly volume, while other platforms like Jupiter, ApeX, Satori Finance, and Drift accounted for smaller portions. Following Hyperliquid, Jupiter captured 9.8% of the market, recording over $28 million in December.

CEXs Dominate In Volume

While DEX futures trading is growing, centralized exchanges (CEXs) still dominate in overall volume. In December, Bitcoin futures on CEXs totaled over $2.14 trillion, and Ethereum futures reached $1.28 trillion. However, Bitcoin futures volumes on CEXs dropped 17% compared to November, and Ethereum volumes remained steady. This shows that while DEXs are gaining market share, CEXs still have much higher trading volumes.

In December, centralized exchanges (CEXs) led with Bitcoin futures at $2.14 trillion and Ethereum futures at $1.28 trillion. Despite this, decentralized exchanges (DEXs) are steadily increasing their market share.