On-chain perpetual trading volume has surpassed $9 trillion, fueled by institutional demand, the rise of crypto ETFs, and heightened competition among decentralized exchanges (DEXs). Traders are increasingly turning to DEXs for their speed, non-custodial nature, and transparency, reflecting a growing risk appetite and confidence in on-chain trading tools. Platforms like dYdX and GMX are leading the charge with innovations such as high leverage, enhanced user experiences, and incentive programs, which are attracting significant liquidity and trading activity. The growth is further bolstered by regulated pathways for institutional investors through ETFs, enhancing market credibility and drawing new participants into the crypto space.