Top Perps Trading Platforms to Watch in 2023

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Perpetuals trading has become increasingly popular in recent times, as a way for competent traders and crypto enthusiasts to profit, even in a bear market. This has resulted in decentralized exchanges (Perps DEXs) gaining a lot of attention over the last year. The collapse of FTX expedited the rush to DEXs as confidence in centralized entities dwindled.

The market for perpetuals is enormous. In the previous year, daily traded volume on CEXs was between $100 and $200 billion, with the daily volume for DEXs ranging from $200 million to $400 million. Due to the perceptions that DEXs are less user-friendly, they fall behind CEXs, but the tides are turning as users favor security. Increasingly we are seeing an improved user-experience on DEXs to rival the CEX standard and further encourage the migration to decentralized finance.

Here are 6 of the top Perps DEXs to watch in 2023:

Available on both Polygon and Arbitrum, the Gains Network is one of the more unique perpetual exchanges. Gains Network uses synthetic leverage to allow for high-leveraged trades on almost any asset class.

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Foxify is a decentralized trading platform offering unique peer-to-peer options (traders can sell options) and perps trading. Built on Arbitrum, Foxify is launching in partnership with Tyson Fury. Foxify’s OptiTrade technology provides the same user-friendly experience as a CEX, breaking down the barrier between centralized and decentralized exchanges to allow users to experience the best of both worlds.

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Founded in 2017, dYdX is a layer-2 decentralized exchange that supports perpetuals, margin trading and spot trading, as