2026-01-19 08:13:27

The trading platform landscape in 2025 has shown interesting differentiation. Leading CEX spot trading volume increased by 3.6% month-over-month, which looks pretty good, but perpetual contract trading volume surged by 27%—the heat in the derivatives market clearly surpasses that of spot trading. This indicates that traders' risk appetite is rising, and demand for leverage and derivatives is growing stronger.

But there's a phenomenon worth noting: the app downloads of mainstream exchanges decreased by 35.47% year-over-year. This number is quite sobering, implying that the acquisition of new users is significantly slowing down. The overall industry user growth has already started to weaken; although trading volume is increasing, the story of new user growth seems to be stalling.

In contrast, the performance of the Perp DEX sector is surprising. Hyperliquid's contract trading volume is far ahead, recently surpassing $3 trillion, and the entire decentralized derivatives track has seen significant growth. This reflects a trend: although users are not rushing to download new apps, the demand for decentralized trading continues to heat up, and DEX is gradually eating into CEX's contract market share.

PERP-9,28%

HYPE-8,3%

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RugDocDetective

· 7h ago

It's clear that DEX is eating into the CEX contract market, and there's no doubt about that. But the question is, out of the 3 trillion in trading volume on Hyperliquid, how much is fake volume? I have no idea what proportion of the transactions are genuine.

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RektButAlive

· 7h ago

The contract surged by 27% but APP downloads dropped by 35%, which is indeed a harsh contrast. It seems that existing users are trading desperately, while new users are not coming in, and the user moat of CEX is being eroded. The data from Hyperliquid is even more dire; DEX has copied the backup plan of CEX contracts, and this wave of rotation might really be happening.

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ChainChef

· 7h ago

APP download volume plummeted by 35%, which indeed reveals a harsh reality—the growth ceiling of CEXs is right in front of us. But I don't think this is bad news; rather, it signals a reshuffling in the market. The risk appetite of existing users has surged dramatically (perpetual contracts up 27%), but new users aren't coming in. What does this mean? It indicates that those willing to trade cryptocurrencies are already inside, while the remaining potential users may truly not understand or have no interest. I have to question the figure of Hyperliquid surpassing 3 trillion—is that cumulative trading volume or total holdings? If it's cumulative, it doesn't sound so exaggerated. But on the other hand, I agree that DEX contracts are indeed eating into CEX market share. Users are no longer installing apps but turning to on-chain DEXs like Hyperliquid? Or are these trading volumes essentially generated by bots just for fun? The real trend might not be DEXs eating into CEXs, but rather a polarization in the user structure across the industry—either deep traders (engaged in perpetual contracts on DEXs) or those who simply stop trading. That’s what should be truly concerning.

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StakeWhisperer

· 7h ago

Perpetual contracts are up 27%, while spot is only up 3.6%. This gap indicates that traders' mentality has really changed. A 35% drop in app downloads is the real issue—basically, CEXs are losing the ability to attract new users. On the other hand, Hyperliquid is emerging on the DEX side; users are not downloading the app but are turning to DEXs. This is a vote, a vote for decentralization. It feels like in the next cycle, the landscape of the contract trading arena will undergo a complete transformation.

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