DEX to CEX futures trade volume ratio hits all-time high of 8%

The Block

2025-07-02 06:31:02

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The decentralized exchange (DEX) to centralized exchange (CEX) futures trade volume ratio hit a new all-time high of 8% in the month of June. This figure is up considerably from the 6.84% recorded last month and from just 4.78% this time last year.

This, of course, is largely the result of Hyperliquid’s ever-rising dominance against its CEX counterparts. Hyperliquid facilitated over $210 billion in perpetuals volume in June 2025, which is actually down ~15% month-over-month. However, in the same period, Binance’s perpetuals volume is down by ~20% month over month.

This “relative strength” by Hyperliquid has set a new all-time high in the Hyperliquid-to-Binance ratio, which currently stands at 11.3%, up from 10.5% last month. Meanwhile, Hyperliquid also regained a notable portion of its perp DEX market share this month. At the end of May, Hyperliquid had a 69.77% market share. Fast forward roughly a month, and this figure currently stands at an even more commanding 75%.

Besides Hyperliquid, APX Finance has also contributed to the rising DEX-to-CEX futures trade volume this month. APX Finance recorded over $34 billion in volume in June, which represents a ~350% month-over-month increase. This follows a 120% monthly increase in the month before that, where APX Finance’s volume increased from $3.4 billion in April to $7.51 billion in May.

The rise in APX Finance’s volumes likely stemmed from the combined impact of its “stage 1 points trading‑mining” incentive program that ran from April 10 to June 22, as well as the launch of its market maker incentive program on June 6. It is worth noting that APX Finance merged with Astherus in March 2025 to become Aster.

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