#PerpDEXRace: Decentralized perpetual futures exchanges (Perp DEXes) are heating up. Platforms like dYdX, GMX and Synthetix are attracting traders by offering permissionless, non-custodial, on-chain leveraged trading. These DEXes deliver high leverage with transparent smart-contract execution, reducing central counterparty risk. As regulators clamp down on centralized venues, some analysts wonder if decentralized perps could capture a growing share of derivatives volume – even rivaling CEX volumes by the mid-2020s.