Perpetual decentralized exchanges (DEXs) have transitioned from alternative platforms to essential market infrastructure in 2025, with trading volumes, user numbers, and total value locked (TVL) reaching unprecedented levels. Monthly activity has surpassed $1 trillion, driven by simplified onboarding processes and a growing demand for self-custody solutions, particularly among Chinese-speaking traders in Asia. As perpetual DEXs evolve beyond mere functionality to infrastructure-grade platforms, the competitive landscape is set to focus on liquidity depth, institutional readiness, and cross-chain accessibility. Platforms like SunPerp, which offer low fees, USDT liquidity, and HTX connectivity, are poised to capture significant market share if they successfully expand and enhance token value through incentives and buybacks. The shift from centralized exchanges (CEXs) to DEXs as the primary venue for futures trading appears imminent.