Why Perpetual DEXs Are Becoming the Core Infrastructure of On-Chain Trading

Fri, 12 Dec 2025 10:35:43 +0000

On-chain trading used to mean spot swaps: you connected a wallet, swapped tokens in a liquidity pool, and moved on. It was simple, composable, and permissionless but it wasn’t a complete market. Most serious trading activity in any asset class isn’t just buying and holding; it’s expressing risk efficiently. Traders hedge portfolios, take leveraged views, short overvalued assets, run market-neutral strategies, and manage exposure dynamically as volatility changes. For years, those behaviors remained concentrated on centralized exchanges because DeFi simply couldn’t provide the same combination of leverage, execution quality, and risk tooling.