CoinGecko Perpetual Futures Report: CEX Monthly Trading Volume Drops 34%, How Will the Market Transform?

📄Full Article· Automatically extracted by trafilaturaGemini 翻譯6107 words

Author: CoinGecko The landscape of perpetual contract exchanges is undergoing a structural shift. Since BitMEX pioneered the perpetual contract model in 2016, centralized perpetual exchanges (Perp CEX) have been the primary liquidity gateway for the crypto market, processing as much as $85.3 trillion in trading volume in 2025 alone. However, driven by rapid product innovation and a surge in on-chain activity, decentralized perpetual exchanges (Perp DEX) have evolved from niche protocols into formidable competitors. Highlights: - The average monthly trading volume of the top 11 Perp CEXs fell to $4.7 trillion in 2026, compared to $7.1 trillion in 2025. - The average monthly trading volume of the top 12 Perp DEXs rose to $611.57 billion in 2026, compared to $531.65 billion in 2025. - With the rise of Hyperliquid, Perp DEXs saw an explosion in 2025, with the Perp DEX to CEX trading volume ratio peaking at 13% in November 2025, though it has pulled back in 2026. - Driven by Hyperliquid, the Open Interest (OI) share of Perp DEXs grew rapidly throughout 2025, currently reaching 13.5%. 1. MEXC and BingX listed the highest number of perpetual contracts between January 2025 and April 2026, reaching 879 and 565 respectively. Since January 2025, MEXC and BingX have been the top two exchanges by the number of perpetual contracts listed, adding 879 and 565 new contracts respectively, with an average of 55 and 35 new contracts per month. Both exchanges have adopted a more aggressive listing strategy for long-tail crypto assets. Among the top 11 CEXs, 6 listed fewer than 20 perpetual contracts on average per month, reflecting a more conservative strategy. Crypto.com added the fewest, ranging from 2 per month in December 2025 to a high of 13 in April 2026. Notably, most large exchanges tend to list more perpetual contracts than spot pairs. For example, Binance added 305 perpetual contract markets over the past 16 months, while only adding 125 spot markets; these perpetual contracts are mostly Memecoin and AI-related token contracts. Conversely, exchanges like MEXC, BingX, and Gate, which list the most perpetual contracts, are even more aggressive in their spot listings. This is because the leverage demand for smaller assets is much lower and primarily serves to satisfy niche risk appetites. Unlike spot trading, perpetual contracts usually take longer to list due to compliance requirements, and demand for specific contracts is also lower. Since January 2025, CoinGecko has listed 7,803 tokens, while the top 11 CEXs have only added perpetual contracts for 1,030 tokens, plus over 200 RWA perpetual contracts. 2. The average monthly trading volume of the top 11 Perp CEXs fell to $4.7 trillion in 2026, compared to $7.1 trillion in 2025. The average monthly trading volume of the top 11 Perp CEXs has dropped from $7.11 trillion in 2025 to $4.69 trillion in the first four months of 2026, a decline of 34%. Meanwhile, Bitget's trading volume declined significantly in 2026, with average monthly volume falling from $740.62 billion in 2025 to $287.08 billion, a drop of 61.2%. However, it still holds a 6% market share, ranking sixth. Among the top exchanges, Binance and OKX continue to consolidate their positions, with slight growth in trading volume share. In the first four months of 2026, Binance and OKX accounted for 33% and 15% of the market share, respectively. 3. Open Interest (OI) for the top 11 Perp CEXs began a moderate recovery in April, growing 12.1% month-over-month to $85.8 billion; the increase in OI did not lead to an increase in trading volume. The OI for the top 11 Perp CEXs declined in Q1 2025, then climbed to a high of $185.38 billion. However, this figure plummeted after the October 10 liquidation event and has

Data Status✓ Full text extractedRead Original (區塊客)

🔍Historical Similar Events· Keyword + Asset Matching1 items

2026-04-17

Crypto in sustained winter as CEX volumes drop 39% in Q1: CoinGecko

Similarity 100%關鍵字 cex/coingecko

💡 Currently matching via keywords + symbols (MVP) · Will be upgraded to embedding semantic search later

Raw Information

ID:947973f230

Source:區塊客

Published:2026-05-23 06:00:42

Category:zh_news · Export Category zh

Symbols:Unspecified

Community Votes:+0 / −0 · ⭐ 0 Important · 💬 0 Comments