Hyperliquid and DEXs Break the Top 10 — Is the CEX Era Ending?

Centralized exchanges (CEXs) still command the lion’s share of crypto liquidity. However, the balance of power is beginning to tilt as decentralized exchanges (DEXs) have doubled their spot market share over the past two years while expanding their presence in perpetual futures fivefold. The data signals that on-chain trading is no longer a niche alternative. Rather, it is emerging as a structural competitor to centralized venues. DEXs Gain Ground: Hyperliquid, Uniswap, and PancakeSwap Break into Top 10 ...