Perpetual swap trading has been a niche within the decentralized finance sector that has been gaining momentum in recent years.

The new era of decentralized exchanges (DEXs) is expected to natively offer options for automated contracts with no expiration date and no third-party intervention, with a strong focus on self-custody of funds by users.

Thus, since their inception, Perpetual DEXs have rapidly evolved to offer continuous and unrestricted opportunities for non-custodial, transparent and secure trading of digital assets.

This crucial sector has seen significant evolution since the last DeFi Summer, and competition among platforms has never been fiercer.

Platforms such as dYdX, operating on its own chain, or Zeus Exchange, built on the eco-friendly 5ire Chain and with its mainnet launch expected in 2025, are just a few options available for everyday users and advanced traders seeking the best cost-benefit ratio.

But how do established giants in the decentralised perpetual exchange space compare with emerging platforms? This article explores the diverse options available for trading perpetual contracts in DeFi without intermediaries.

Metrics on the Rise

Decentralised perpetual trading stands out because users can trade crypto assets with high leverage and no expiry date. Unlike traditional futures contracts, perpetual swaps have no maturity date, allowing users to keep positions open for as long as they wish.

According to data from Artemis, $508.1 billion in trading volume was recorded among the top perpetual protocols over the past three months. Hyperliquid, Jupiter, dYdX, GMX, and Drift Protocol lead the rankings in a sector already boasting hundreds of protocol variations for perpetual swaps.

Hyperliquid dominates trading volume in the last quarter, capturing 54.3% of the sector total, with a 215% increase in the past three months. Hyperliquid also tops the ranking for daily traders at 22,549 (49.3% of top perpetual protocols).

Meanwhile, in recent hours, Jupiter surpassed Hyperliquid to become number one in TVL, reaching $2,473.7 million, representing a 108% increase in the past three months.

Some key metrics summarising the sector's growth in recent months include:

Decentralised Perpetuals Exchanges (DEXs) review

Perpetual DEXs combine the best of decentralised exchanges and perpetual contracts. They enable non-custodial and permissionless trading by leveraging blockchain networks to facilitate continuous and automatic digital asset exchanges without needing buyer-seller matching.

Some platforms, like Aave, offer hybrid solutions, while others, such as Zeus Exchange, are fully decentralised. This means any user can access the DEX, and funds remain in the user's wallet. All operations are automated via smart contracts, ensuring users maintain full control over their funds.

Perpetual DEXs use automated market makers (AMMs) to facilitate transactions, allowing traders to instantly buy or sell any amount of an asset. This is made possible by the deep liquidity pools these exchanges rely on, which minimise price deterioration for liquidity providers and reduce slippage risks for traders.

Key Features of Perpetual DEXs

In general, perpetual DEXs offer traders the following significant advantages:

 Top Decentralized Perpetual Exchanges in the Crypto Space

1. dYdX

2. Zeus Exchange

3. GMX

4. Jupiter Perp

5. Hyperliquid

Other Noteworthy DEX Platforms

1. Vega Protocol

2. Perpetual Protocol

3. Aevo

4. Lynx Protocol

5. ApolloX

Conclusion: Choosing the Right Perpetual DEXs

With so many options in the industry, it’s normal to wonder: Which platform should I use if I want to trade swap perpetuals in a decentralized way? While the answer isn’t easy, given the intense competition and the emergence of many PerpDEXs with improved and more advanced features than those we knew four years ago during the DeFi boom, there are several criteria you can consider to make the best decision that fits your needs.

Factors such as liquidity and user experience are key, but others, perhaps less obvious, like transaction fees or token variety, might be the first elements to consider for more experienced traders. Let's look at some of the features you should consider when selecting a DEX:

Regardless of the platform you choose to trade on, the use of versatile and user-friendly interfaces, regardless of one’s knowledge of decentralized options, has helped bring in a new wave of users from outside the cryptocurrency sector, fulfilling the original mission of empowering the end user to manage their finances without the need for centralized intermediaries that may put their funds at risk.

Transparency and innovation in the DeFi sector have allowed the deployment of more competitive platforms in a key industry sector that serves as an entry point for both beginners and advanced traders seeking to take advantage of the opportunities offered by decentralized finance.