The crypto world has seen a huge upswing in perpetual trading over the last couple of years, with more and more traders exploring these advanced tools to diversify their holdings or protect themselves from market dips. A new report from Coingecko, “State of Crypto Perpetuals 2024,” reveals a massive jump in activity. Top 10 centralized crypto exchanges (CEXs) more than doubled their trading volume in 2024, hitting a whopping $58.5 trillion, compared to $28 trillion the year before. Decentralized exchanges (DEXs) also had a record year, reaching $1.5 trillion in trading volume – a 138.1% increase from the $647.6 billion seen in 2023. While CEXs still handle the lion’s share of the market (over 95%), the rise of innovative DEXs hints at potential changes on the horizon.
One DEX in particular, Hyperliquid, has shown impressive results, boasting a Total Value Locked (TVL) of $538 million and nearly $300 billion in monthly trading volume, according to data from DeFi Llama. Their successful airdrop in the fourth quarter of 2024 is seen as a sign of a new era in decentralized crypto trading. With the market continuing to change, several pre-token genesis event (pre-TGE) DEXs are emerging as significant players that traders and investors should be paying close attention to.
Grvt, a DEX powered by ZKsync, is attracting attention for its hybrid design, combining on-chain and off-chain elements to create a smoother trading experience. On-chain processes, such as final settlements and resolving disagreements, ensure transparency, while off-chain transactions allow for faster speeds and lower costs. Grvt also stands out by offering self-custody, giving traders complete control over their crypto assets, backed by secure smart contracts and automation. Furthermore, it’s among the first DEXs to incorporate regulatory compliance, operating with a license under Bermuda’s Digital Asset Business Act. Grvt recently introduced Grvt Strategies, a fully compliant peer-to-peer investment platform on-chain, enabling everyday investors to access expert-managed and vetted trading strategies. All transactions are conducted directly on-chain, providing investors with complete transparency and auditability.
Another noteworthy DEX is Paradex, built on Ethereum’s Layer 2 network, StarkNet. Paradex calls itself “The SuperDEX,” and its goal is to scale up open finance by improving on-chain liquidity, performance, and privacy. The platform currently sees $244 million in trading volume over a 24-hour period, with a TVL of $54.5 million and open interest at $73.5 million. It supports over 250 markets, including perpetual futures and options, and has plans to introduce various collateral options, automated borrow/lend features, and increased privacy through RPC masking in the second half of 2025. In preparation for its TGE, Paradex is running an XP and referral program, rewarding traders for providing liquidity, trading, and depositing collateral.
Hibachi, another pre-TGE perpetual DEX, distinguishes itself through its focus on privacy, using Succinct’s ZK technology to enable trading that is both verifiable and private. All trading actions are verified using ZK proofs, with data submitted to Celestia for encryption. The platform supports popular non-custodial wallets like Phantom, MetaMask, and Raby Wallet, and accepts USDC and USDT as collateral. To attract early adopters, Hibachi has a reward program that includes mystery boxes, incentives for early users, and a referral system that rewards users for bringing in new traders.
Satori Finance, backed by investors like Polychain Capital, Jump Crypto, and Coinbase Ventures, uses on-chain settlement and off-chain aggregation to streamline the order book process for crypto derivatives trading. It works with major blockchain networks, including Optimism, Scroll, Arbitrum, and BNB Chain, offering leverage up to 25x on crypto perpetual pairs. Satori Finance also allows traders to earn airdrop points through trading, referrals, completing tasks, and participating in daily quests. The platform has attracted over 1.1 million users and has an open interest of $3.64 million.
As the crypto perpetual market continues its expansion, these pre-TGE DEXs represent the next wave of innovation in on-chain trading. With their unique advantages and active communities, they are well-positioned to challenge the dominance of centralized exchanges and change the way traders engage with crypto derivatives. Investors who get involved with these platforms early could benefit from airdrop rewards as the market moves towards full token generation events.
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[1] https://zycrypto.com/crypto-perp-dexs-to-watch/