According to CoinGecko data, the share of decentralized exchanges (DEXs) in derivatives trading activity is steadily increasing by 2025, with their trading volume as a percentage of centralized exchanges (CEXs) rising from 2.1% at the beginning of 2023 to 11.7% in November. MEXC COO Vugar Usi Zade points out that this growth reflects an evolution in trader behavior rather than a radical shift in the model, as CEXs still dominate due to their strong liquidity and institutional trust. He emphasizes that transparency and permissionless access are key advantages of DEXs, but also notes that liquidity concentration, execution quality, and higher hidden costs remain ongoing challenges. While sophisticated traders use DEXs for hedging, institutional migration has not been widespread, and CEXs remain the primary venue for core trading. Usi Zade predicts a hybrid model will emerge in the future, with both models coexisting, and DEXs potentially reaching a 15-20% market share by the end of 2026.