In Q1 2025, the leveraged trading volume of dex decentralized exchanges reached 384 billion US dollars, a year-on-year surge of 280%. Among them, Xbit decentralized exchange ranked in the top three with 18% market share. The platform provides 100x leveraged trading, BTC/USDT transaction slippage is as low as 0.02%, which is 60% lower than that of centralized exchanges. The proportion of institutional accounts has risen from 9% to 31%, ranking first in the high-frequency strategy execution platform of quantitative funds. At the same time, its AI risk control system tracks market fluctuations in real time. When the ETH price amplitude exceeds 15%, the circuit breaker mechanism is automatically triggered. In 2025, a total of 52,000 abnormal transactions were blocked

Dex leverage ecological panorama: technology upgrades and compliance breakthroughs in parallel

Dex leverage is a derivative trading model based on smart contracts. Users can borrow funds through mortgage assets to enlarge their positions. The core mechanisms include unlicensed trading, fund rate balance and on-chain clearing. In 2025, the Ethereum Cancun upgrade will drive the Layer2 Gas cost down by 90%. Arbitrum, Optimism and other networks will carry 82% of on-chain derivatives transactions, and the average daily settlement amount will exceed US$7.4 billion.

As of March 2025, the year-on-year growth rate of dex leveraged trading volume has narrowed to 195%, and the month-on-month growth rate has increased by 18%. The Layer2 network carries 87% of the on-chain derivatives trading volume. Arbitrum's daily settlement peak exceeds US$930 million, and zk-Rollups technology reduces the average Gas cost to US$0.00015.

The technical differentiation of the head platforms has intensified. The average daily trading volume of dYdX V4 has stabilized at US$3.6 billion, and GMX TVL has exceeded US$8 billion. The emerging protocol Hyperliquid occupies 63% of the dex market with an open position of US$2.1 billion in BTC perpetual contracts. Xbit supports 12 asset margins such as BTC and SOL through the Polygon zkEVM cross-chain bridge, and the settlement efficiency has been improved to 400 milliseconds. Institutional participation continues to increase, with hedge funds accounting for 34%, but regulatory scrutiny is becoming stricter. Five dexes have completed compliance filing under the EU MiCA framework.

Efficiency and security dual engines: Reconstructing the competitiveness of dex leverage

The core competitiveness of dex leverage trading comes from the balance of efficiency and security driven by technological innovation. Through smart contract custody assets and cold wallet sharding storage technology, user funds are free from centralized custody risks, and the transparency of on-chain audits has increased the cost of a single attack to $230 million, which is 3 orders of magnitude higher than traditional exchanges.

In terms of underlying architecture, the Layer2 expansion plan compresses the gas cost of a single transaction to less than $0.0002, which is 97% lower than the average CEX rate. Arbitrum, Optimism and other networks process an average daily derivatives trading volume of more than $8.2 billion. In terms of global layout, the no KYC mechanism supports instant access to 138 countries/regions. CoinMetrics data shows that users in Southeast Asia and Africa account for 57%, and the volume of emerging market transactions in Q1 2025 surged 210% year-on-year. The liquidity aggregation engine integrates the depth of multiple chains, making the slippage rate of mainstream trading pairs such as BTC/USDT stable at 0.02% to 0.05%. Some protocols achieve 400 millisecond liquidation confirmation through zk-Rollups technology. Institutional participation continues to rise, and the proportion of hedge funds and quantitative teams has increased from 9% in 2024 to 31%, reflecting the recognition of mainstream capital for decentralized risk control systems.

XBIT decentralized exchange further strengthens its technical moat. Its "cross-chain liquidity aggregation" function integrates the depth of 6 major protocols such as dYdX and GMX, narrowing the BTC spread by 45%; the AI market-making algorithm dynamically adjusts the funding rate, and automatically triggers corrections when the market imbalance exceeds 30%, reducing the arbitrage space by 72%. In addition, XBIT's "emotional circuit breaker" mechanism monitors the social media panic index in real time, and forces liquidation when volatility soars by 20%, which has currently avoided losses of $970 million.

Analysis of mainstream dex leverage platforms: technical routes and market share

Currently, dex that support leveraged trading can be divided into three categories: order book type (such as dYdX, with an average daily trading volume of US$3.9 billion), fund pool type (such as GMX, with a TVL of US$7.4 billion) and hybrid architecture type. dYdX uses off-chain order book + on-chain settlement and supports 20x leverage; GMX achieves zero slippage trading through the GLP pool, with institutional users accounting for 44%; XBIT leads the growth rate in the EU and Southeast Asian markets with its compliance advantages and cross-chain ecology, and the transaction volume of fiat currency channels in Q1 2025 increased by 210% month-on-month. Among emerging platforms, Hyperliquid occupies 60% of the dex derivatives market with a daily trading volume of US$4 billion, and its BTC perpetual contract open positions reached US$1.4 billion.

dex leverage: Reconstructing the efficiency revolution and compliance challenges of the derivatives market

dex leverage trading volume exceeded the quarterly scale of US$380 billion, confirming the disruptive improvement of decentralized architecture on the efficiency of traditional finance. Its market significance lies in building a transparent and censorship-resistant trading infrastructure through smart contract hosting and cross-chain liquidity aggregation. The daily average settlement volume of US$8.2 billion reshapes the capital flow paradigm. In the future, cross-chain bridges and synthetic asset protocols may become key variables, and are expected to attract more than 10 billion institutional funds. However, stricter supervision and cross-chain vulnerabilities pose dual challenges. When ZK proofs are deeply coupled with the Federated Byzantine Agreement, dex leverage may become a core component of the global capital pricing system, but a balance must be found between compliance and innovation.