Perpetual decentralized exchanges (perp DEXs) are rapidly gaining market share from centralized exchanges by offering integrated on-chain financial services such as trading, custody, clearing, and lending. In 2025, perp DEXs tripled their trading volume to $12.09 trillion, now accounting for nearly 12% of perpetual futures volume compared to centralized platforms. While perp DEXs still face challenges like regulatory clarity and user experience, innovations and growth trends position them to potentially replace traditional banks as all-in-one finance providers.