Perpetual Decentralized Exchanges (Perp DEX) have emerged as the leading trend in the cryptocurrency market for 2025, surpassing Real World Assets (RWA) and AI projects. By October, Perp DEX platforms recorded a staggering $1.2 trillion in monthly trading volume, reflecting strong bullish sentiment as indicated by the fear and greed index. Hyperliquid and Lighter have been at the forefront, attracting users with low fees and airdrop incentives. In contrast, RWA and AI projects have faced setbacks due to regulatory delays, resulting in slower growth. While top altcoins have seen reduced traction, Layer-2 solutions like Bitcoin Hyper are gaining attention as exchanges expand their offerings to include stock and index perpetuals.