The Rise of Decentralized Perpetuals Trading: Top Platforms in 2025

On-chain perpetuals trading platforms are reshaping the crypto derivatives market, offering a glimpse into the future of DeFi. These platforms, fueled by blockchain technology and smart contracts, provide transparency, self-custody, and cost savings compared to centralized exchanges (CEXs) like Binance or OKEx. In 2025, on-chain perps experienced significant growth, driven by factors such as increasing decentralized finance (DeFi) ecosystem activity, growing institutional interest, and increased user adoption. This article examines the leading players in this space: Hyperliquid, dYdX, Drift Protocol.