2026-01-19 08:07:25

Interesting polarization has emerged in the 2025 trading market. On one hand, the mainstream CEX app downloads have plummeted by 35.47% year-over-year, reflecting a significant slowdown in new user growth, and the customer acquisition benefits of traditional exchanges seem to have diminished.

However, looking at trading data, the industry has not come to a halt. Spot trading volume has still seen some growth, increasing by 3.6% YoY; but the true growth engine is perpetual contracts, with trading volume soaring by 27%. This indicates that regardless of the number of new users, professional traders' enthusiasm for derivatives remains high—perpetual contracts have become an indispensable core business for CEX.

Interestingly, the Perp DEX sector is also expanding rapidly. Hyperliquid's contract trading volume has already surged to nearly $3 trillion, directly threatening the market share of traditional CEX derivatives. The convenience and transparency of on-chain trading are gradually capturing users and liquidity from CEX.

From the contradictory phenomenon of declining user numbers but rising trading volume, the market is evolving in two directions: first, top active traders are becoming more concentrated, with increasing trading frequency and volume; second, retail new user acquisition is stagnating, and the behavior of retained users is also changing. This is a signal for all trading platforms—the era of incremental growth is over, and competition for existing users is becoming more intense.

PERP-10,87%

HYPE-4,01%

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NFTBlackHole

· 11h ago

Perpetual contracts are taking off, retail investors are dying, the true degen era has arrived

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MoneyBurnerSociety

· 11h ago

Downloads plummeted, but trading volume actually increased... What does that mean? It’s just that all the retail investors have been harvested, leaving only professional gamblers, hard to handle. Hyperliquid’s move directly threatens CEXs’ livelihoods, with on-chain transparency catching centralized exchanges off guard. No new users, no retail investors, and those still trading are all addicted to losses. I think it’s enough, let’s just leave it at that. Perpetual contracts saw a 27% increase... I’ve been liquidated in there, and I still contributed to this number. Happy about it. Basically, the growth has ended. Now it’s just a matter of who can trap existing users more ruthlessly. CEXs and DEXs are competing against each other. Stock competition, sounds like a very “professional leek” prospect.

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ReverseTrendSister

· 11h ago

Download volume plummeted by 35% yet still boasting a 27% increase in trading volume, this data game is really playing tricks. --- Hyperliquid has reached 3 trillion? CEXs should be nervous; on-chain transparency really hits the mark. --- Basically, retail investors are being discouraged, leaving only professional traders to fight each other. Is this still a good thing? --- The fact that perpetual contracts have become the core business means... desperately adding leverage, just a gambler's carnival. --- The era of incremental growth is over, and now it's about stock competition. Sounds like the prelude to a recession, everyone should be careful. --- The app download volume has fallen so much, yet they still dare to say the market is active. Haha, that's a bit funny. --- Perp DEXs are really pushing centralized exchanges to the brink; transparency is an unbeatable card.

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PumpStrategist

· 12h ago

Chip concentration and a surge in trading volume—that's a classic whale behavior. Retail investors should have woken up long ago. --- Download volume plummeted by 35%, and some still dare to go all-in on new coins? I’m truly impressed. --- Perpetual contracts grew by 27%, indicating that retail traders just love leverage gambling. Probability theory tells me it's time to cut losses. --- Hyperliquid reached 3 trillion, and traditional CEXs are indeed having a tough time. The on-chain transparency aspect was predicted early. --- The pattern is now clear. Leading traders are taking profits, retail investors are drinking soup. The phrase "stock competition" hits the core. --- App downloads are declining but trading volume is rising? Isn’t this a sign of significantly decreased activity? An interesting point. --- New users are weak, old users are turning into whales. Only those who understand this logic deserve to survive until the next bull market.

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