Perp DEXs Will Eat TradFi 2026: Delphi Digital
Delphi Digital predicts perpetual DEXs will capture significant market share from traditional finance by 2026 due to superior decentralized infrastructure.Summary
Crypto research firm Delphi Digital projects that perpetual decentralized exchanges (Perp DEXs) are set to increasingly take market share from traditional finance (TradFi) products by 2026. Delphi Digital argues that decentralized infrastructure is inherently more efficient than legacy systems, which are fragmented and costly. They suggest Perp DEXs could evolve to encompass brokerage, exchange, custody, banking, and clearinghouse functions simultaneously, citing competitors like Hyperliquid, Aster, Lighter, and Paradex. Perp DEXs have already seen substantial growth, with their market share rising from 2.1% in January 2023 to 11.7% in November 2025. Furthermore, the cumulative trading volume for these platforms tripled in 2025 to $12.09 trillion, although this remains small compared to the $846 trillion notional value of outstanding over-the-counter derivatives.
(Source：Cointelegraph)