Delphi Digital says perp DEXs poised to take TradFi market share in 2026

Crypto research firm Delphi Digital said in its outlook for 2026 that perpetual decentralized exchanges (perp DEXs) are poised to continue taking market share from traditional finance products. Perp DEXs are blockchain-based venues for trading perpetual futures contracts, allowing traders to use leverage and trade without an expiry date.

Delphi Digital argued that decentralized infrastructure is structurally more efficient than legacy systems, which it described as fragmented and expensive to operate. "Now Hyperliquid is building native lending. Perp DEXs could become brokerage, exchange, custodian, bank, and clearinghouse all at once," wrote Delphi Digital in a Tuesday X post, adding that competitors such as Aster, Lighter and Paradex are "racing to catch up." Data cited in the coverage show perp DEX market share rising from 2.1% in January 2023 to 11.7% in November 2025, according to CoinGecko.

Cointelegraph reported the cumulative trading volume of perp DEXs tripled during 2025 to $12.09 trillion from $4.1 trillion at the start of the year, with about $7.9 trillion (65%) generated in 2025 per DefiLlama. By contrast, the Bank for International Settlements put the notional value of outstanding over-the-counter derivatives at $846 trillion in June 2025.

Key Topics

Crypto, Perp Dexs, Delphi Digital, Hyperliquid, Hype Token, Coingecko