The decentralized exchange (DEX) to centralized exchange (CEX) futures trade volume ratio hit a new all-time high of 8% in the month of June. This figure is up considerably from the 6.84% recorded last month and from just 4.78% this time last year.
This, of course, is largely the result of Hyperliquid’s ever-rising dominance against its CEX counterparts. Hyperliquid facilitated over $210 billion in perpetuals volume in June 2025, which is actually down ~15% month-over-month. However, in the same period, Binance’s perpetuals volume is down by ~20% month over month.
This “relative strength” by Hyperliquid has set a new all-time high in the Hyperliquid-to-Binance ratio, which currently stands at 11.3%, up from 10.5% last month. Meanwhile, Hyperliquid also regained a notable portion of its perp DEX market share this month. At the end of May, Hyperliquid had a 69.77% market share. Fast forward roughly a month, and this figure currently stands at an even more commanding 75%.
Besides Hyperliquid, APX Finance has also contributed to the rising DEX-to-CEX futures trade volume this month. APX Finance recorded over $34 billion in volume in June, which represents a ~350% month-over-month increase. This follows a 120% monthly increase in the month before that, where APX Finance’s volume increased from $3.4 billion in April to $7.51 billion in May.
The rise in APX Finance’s volumes likely stemmed from the combined impact of its “stage 1 points trading‑mining” incentive program that ran from April 10 to June 22, as well as the launch of its market maker incentive program on June 6. It is worth noting that APX Finance merged with Astherus in March 2025 to become Aster.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
