According to a report by Jinse Finance and the latest data from The Block, the ratio of decentralized exchange (DEX) futures trading volume to centralized exchange (CEX) trading volume reached a historic high of 8% in June 2025, significantly up from 6.84% last month and 4.78% in the same period last year. Hyperliquid is the main driving force, and although its trading volume decreased by about 15% month-on-month in June, its market share increased from 69.77% in May to 75%. At the same time, APX Finance saw its trading volume soar by 350% month-on-month in June, reaching $34 billion, driven by incentive programs.