The ratio of futures trade volume from decentralized exchanges (DEX) to centralized exchanges (CEX) reached a record-breaking 8% in June. This is a significant increase from the 6.84% noted last month and a tremendous leap from the 4.78% documented a year ago.
The primary factor behind this surge is the growing dominance of Hyperliquid over its CEX rivals. In June 2025, Hyperliquid oversaw more than $210 billion in perpetuals volume, which actually marks a ~15% decrease from the previous month. However, Binance’s perpetuals volume fell by ~20% in the same period.
Hyperliquid’s relative resilience has led to a new peak in the Hyperliquid-to-Binance ratio, which currently sits at 11.3%, up from 10.5% last month. Moreover, Hyperliquid recaptured a significant portion of its perp DEX market share this month. At the end of May, Hyperliquid held a 69.77% market share. Now, a month later, it commands an impressive 75%.
Aside from Hyperliquid, APX Finance has also played a role in the growing DEX-to-CEX futures trade volume this month. In June, APX Finance reported over $34 billion in volume, a ~350% increase month-over-month. This follows a 120% monthly rise in the previous month, where APX Finance’s volume grew from $3.4 billion in April to $7.51 billion in May.
The surge in APX Finance’s volumes is likely due to the combined effect of its “stage 1 points trading-mining” incentive program that ran from April 10 to June 22, and the introduction of its market maker incentive program on June 6. Notably, APX Finance merged with Astherus in March 2025 to form Aster.
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