Similar to volume, Perp DEXes have also rapidly grew Ol share in 2025, now at 12.0%, driven mainly by Hyperliquid; tripled from $38.86 billion at the start of 2024, to $124.43 billion as of end January last year. Specifically, CEX Ol rose from $37.67 billion to $109.46 billion, at one point reaching a high of $213.49 billion on 1, 2024, to 88.0% on January 31, 2026. In Slightly different from trading volume, the
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