[Data: Perpetual contract trading volume on CEX and DEX surpasses spot trading in 2025] According to The Block, since 2025, perpetual contracts have accounted for 75% of the total trading volume on centralized exchanges (CEX), with a transaction value of nearly $49 trillion, far exceeding spot trading ($14.8 trillion) and options trading ($1.3 trillion). In comparison, this proportion was 72% in 2024. On decentralized exchanges (DEX), the share of perpetual contracts has also grown from 50% last year to 56% this year, with cumulative on-chain perpetual contract trading volume reaching $4.7 trillion, while spot trading amounted to $3.6 trillion.