Decentralized exchanges (DEXs) for perpetual futures trading are nearing $10 billion in daily volumes as of January 2026, underscoring their growing influence in the DeFi sector. Key platforms such as Hyperliquid, GMX, and dYdX are leading this surge, driven by institutional backing and innovative trading models. This trend highlights the increasing competitiveness of decentralized finance against traditional exchanges, particularly in assets like Bitcoin and Ethereum. The rise in trading activity on these platforms is attributed to their ability to offer deep liquidity and low fees, attracting a broader user base. Institutional investors, including Coinbase Ventures, are showing confidence in these technologies, further propelling their growth. As DEXs enhance their performance to rival centralized exchanges, they are expected to continue drawing interest from traditional finance sectors, potentially influencing regulatory landscapes.