The real DEX competition might be happening in perps.
Spot DEXs get most of the attention, but perpetuals are quietly becoming a much bigger market.
Hyperliquid reportedly handled around $172.6B in 30-day volume.

That makes the bigger question pretty simple:
Can DEXs actually take serious trading activity from CEXs?
I’d watch:
→ Perp volume
→ Open interest
→ Fees
→ Market share
→ Liquidity
→ Regulatory access

If decentralized platforms can match the speed and liquidity traders expect from CEXs while keeping self-custody, the game changes.
The next DEX wave might not be about swapping tokens.
It could be about replacing the exchange itself.

$HYPE
$DEXE
$ASTER