[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  0x_Spade (Ø,G) [@0x_Spade](/creator/twitter/0x_Spade) on x XXX followers Created: 2025-07-23 16:25:25 UTC For those wondering "Why trade perps on @phantom?" the questions is: why not? Coingecko's Q2 2025 report highlights that liquidity is flowing out of CEXs, directly into DEXs. Spot trading volume on centralized exchanges is going down while the same metric on DEX is rising. In addition to this, perp trading volume on decentralized exchanges is also picking up, with a new ATH of $898Bn in Q2 2025. Possible implications of this? X. We're likely to see more DEXs launch perp support in a bid to capture a share of the volume flowing into this niche. X. We could see CEXs launch DEXs, powered by already secured volume in CEXs. And from here, launch perps. They will do something though, because they're not giving up on this without a fight. I should also mention that the report highlights that @PancakeSwap and @HyperliquidX remain the biggest winners of this momentum shift. Although Pancake swap's numbers could be attributed to Binance Alpha which routes trades through it Perps-wise, Hyperliquid remains dominant with over XX% market share, proving once again that quality products that meet a specific need will always be successful. It is worth mentioning that some other perp projects like dYdX have not been performing so well. It will be interesting to study why Hyperliquid remains so hugely dominant while other perp trading platforms are struggling to stay afloat (even established ones). What actually makes Hyperliquid so special and what would it take to dethrone them? Just #musings and random thoughts  XXX engagements  **Related Topics** [trading volume](/topic/trading-volume) [$898bn](/topic/$898bn) [decentralized](/topic/decentralized) [perp](/topic/perp) [exchanges](/topic/exchanges) [exchanges dexs](/topic/exchanges-dexs) [exchanges cexs](/topic/exchanges-cexs) [Post Link](https://x.com/0x_Spade/status/1948056870158995948)
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0x_Spade (Ø,G) @0x_Spade on x XXX followers
Created: 2025-07-23 16:25:25 UTC
For those wondering "Why trade perps on @phantom?" the questions is: why not?
Coingecko's Q2 2025 report highlights that liquidity is flowing out of CEXs, directly into DEXs.
Spot trading volume on centralized exchanges is going down while the same metric on DEX is rising.
In addition to this, perp trading volume on decentralized exchanges is also picking up, with a new ATH of $898Bn in Q2 2025.
Possible implications of this?
X. We're likely to see more DEXs launch perp support in a bid to capture a share of the volume flowing into this niche.
X. We could see CEXs launch DEXs, powered by already secured volume in CEXs. And from here, launch perps. They will do something though, because they're not giving up on this without a fight.
I should also mention that the report highlights that @PancakeSwap and @HyperliquidX remain the biggest winners of this momentum shift. Although Pancake swap's numbers could be attributed to Binance Alpha which routes trades through it
Perps-wise, Hyperliquid remains dominant with over XX% market share, proving once again that quality products that meet a specific need will always be successful.
It is worth mentioning that some other perp projects like dYdX have not been performing so well. It will be interesting to study why Hyperliquid remains so hugely dominant while other perp trading platforms are struggling to stay afloat (even established ones).
What actually makes Hyperliquid so special and what would it take to dethrone them?
Just #musings and random thoughts
XXX engagements
Related Topics trading volume $898bn decentralized perp exchanges exchanges dexs exchanges cexs