Perp DEXs are quietly winning the most important battle in DeFi.
On-chain perps already do billions in daily volume and they're capturing it without custody risk, without KYC walls, and without a CEX deciding what you can trade.
The infrastructure finally caught up: low-latency orderbooks, deep liquidity layers, cross-margin, sub-second execution. The "CEX UX, DEX trust" gap is closing fast.
The next cycle won't be about whether perp DEXs can compete with centralized venues. It'll be about how much share they take.
Self-custody leverage permissionless markets is a hard combination to bet against.