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Retail and Quants Boost DEX Adoption as Institutions Stick With CEXs

Secret3 AI

27 Sep 2025 — 1 min read

Decentralized exchanges (DEXs) like Hyperliquid are gaining popularity among retail traders and quantitative traders, while institutional players continue favoring centralized exchanges (CEXs). Jamie Elkaleh, the CMO of Bitget Wallet, noted that retail traders are attracted by airdrop cultures and incentive systems, whereas quants appreciate low fees and programmable trading strategies. Despite the growth of DEXs, institutions rely on CEXs for their fiat support and compliance services. DEXs are improving in execution quality, with platforms like Hyperliquid offering low latency and depth comparable to CEXs. However, competition is intensifying with newcomers like Aster challenging established players. Recent trading volumes show Aster achieving $47 billion in perpetual volume, surpassing Hyperliquid's $17 billion. Concerns regarding risks in DEXs, including validator centralization and oracle faults, remain. Elkaleh predicts a future where DEXs and CEXs coexist, blending their strengths for a balanced crypto ecosystem.

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What Is Hyperliquid? The Decentralized Exchange With Its Own Blockchain

What Would a Government Shutdown Mean for Crypto?

The UK needs regulatory clarity that matches ambition

Kickflips for Crypto? This Project Will Pay $28K for a Guinness World Record