Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report.
Key Highlights:
Perp DEXs surge in adoption: Decentralized perpetual exchanges (perp DEXs) have seen explosive growth since late 2024, reshaping the trading landscape with speed, accessibility, and on-chain transparency.
Hyperliquid dominates: Hyperliquid captured 58% of trading volume across the top eight perp DEXs in 2025, with daily fee generation consistently outpacing Uniswap since May. The exchange has contributed up to 60% of total fees across major blockchains.
Why traders are migrating: Traders are shifting from centralized exchanges (CEXs) and spot DEXs to perp DEXs due to frictionless onboarding, self-custody, faster token listings, competitive fee structures, and leverage up to 100x.
HYPE token performance: Hyperliquid’s native token, HYPE, has surged more than six-fold since April 2025, supported by a 97% revenue buyback program. However, a major token unlock beginning November 29, 2025, could dilute this momentum unless buybacks scale further.
Perp DEXs are increasingly viewed as the next frontier in crypto trading, offering a blend of speed, security, and transparency that rivals traditional centralized platforms. With traders prioritizing autonomy and efficient market access, the shift toward decentralized perpetual trading has accelerated throughout 2025.
The report underscores how Hyperliquid’s innovative tokenomics, user-friendly design, and liquidity incentives have positioned it as a frontrunner in this sector. However, with challenges such as liquidity fragmentation and upcoming token unlocks, the market remains dynamic, presenting both opportunities and risks for traders and investors alike.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
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