Decentralized exchanges (DEXs) have reached a significant milestone, with the trading volume of perpetual futures exceeding $1 trillion by late September. This marks a substantial increase in market share, rising from under 10% globally in 2023 to 26% by 2025. Key platforms such as Hyperliquid and Aster have been instrumental in this growth, leveraging on-chain innovations to attract traders. Despite this impressive growth, analysts caution that the high leverage activities on these platforms, which can sometimes double the spot trading volume, pose risks of price instability. The potential for cascading liquidations could lead to volatility, highlighting the need for careful risk management in the burgeoning DEX market.