Perp DEX market share jumps to 11.7% as Delphi Digital projects structural edge over TradFi by 2026

Perpetual decentralized exchanges are expanding rapidly, with CoinGecko data showing their share of derivatives revenue increasing from 2.1% in January 2023 to 11.7% in November 2025. Delphi Digital's 2026 outlook argues that these onchain venues are structurally more efficient than fragmented and costly TradFi infrastructure, while Cantor Fitzgerald models a long-term price path for Hyperliquid's HYPE token based on a 15% compound annual growth rate and planned buybacks. Perp DEX trading volume also tripled in 2025 to $12.09 trillion, though it remains small beside the $846 trillion notional value of outstanding OTC derivatives reported in June 2025.