Here is the translated content in Korean, following all specified rules. ``` 속보: 2026 암호화폐 무기한 선물 시장 - 미결제약정 대폭 감소, DEX 꾸준한 성장세

Foresight News

特邀专栏作者

2026-05-22 09:21

이 기사는 약 2203자로, 전체를 읽는 데 약 4분이 소요됩니다

암호화폐 시장 전체 미결제약정은 지난해 10월 10일 청산 사태 이전 사상 최고치인 2100억 달러 대비 반토막 이상 줄었습니다.

AI 요약

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핵심 의견: 2025년부터 2026년 초까지 암호화폐 무기한 선물 시장의 구조적 변화가 발생했습니다. 탈중앙화 선물 플랫폼의 시장 점유율이 크게 증가했으나(점유율 최고치 13%), 중앙화 거래소는 여전히 거래량의 90% 이상을 주도하고 있습니다. 전체 시장 거래대금과 미결제약정은 감소했으며, 중소형 플랫폼은 더 공격적으로 신규 계약을 상장하고 있습니다.
핵심 요소:
1. 2025년 상위 11개 중앙화 거래소의 월평균 거래대금은 7.1조 달러였으나, 2026년 첫 4개월간은 4.7조 달러로 전년 동기 대비 34% 감소했습니다.
2. 2025년 탈중앙화 무기한 선물 연간 거래대금은 6.38조 달러에 달해, 2024년 1.5조 달러 대비 수배 성장했습니다.
3. 2025년 1월부터 2026년 4월까지 MEXC와 BingX의 신규 계약 상장 수가 각각 879개와 565개로 업계를 선도했으며, 주로 소수 코인(Long-tail coins)을 대상으로 했습니다.
4. 2026년 4월 탈중앙화 선물 거래량 비중은 10%로 다시 하락하며, 중앙화 거래소가 90% 이상의 시장 주도권을 되찾았습니다.
5. Hyperliquid가 탈중앙화 선물 시장을 선도하며, 2026년 4월 거래대금 1902.8억 달러로 전체 업계 선물 거래량의 3.9%를 차지하며 9위를 기록했습니다.
6. 전체 미결제약정은 2025년 초 1203.5억 달러에서 2026년 4월 말 990.9억 달러로 감소한 반면, 탈중앙화 선물 미결제약정 비중은 3.6%에서 13.5%로 상승했습니다.
7. Pacifica, Extended, Variational 등 신규 탈중앙화 플랫폼은 포인트 에어드랍 활동을 통해 빠르게 확장하며, 각각 월간 시장 점유율 3%~4%를 기록했습니다.

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Original Author: CoinGecko

Original Translation: Chopper, Foresight News

The perpetual contract exchange landscape is undergoing a structural transformation. Since BitMEX pioneered the perpetual contract trading model in 2016, centralized perpetual contract exchanges have consistently served as the core liquidity hub of the crypto market, with a total annual trading volume of $85.3 trillion in 2025.

With rapid product iteration and a significant surge in on-chain trading activity, decentralized perpetual contract exchanges have evolved from niche protocols into highly competitive market participants. CoinGecko has released its 2026 Crypto Perpetual Contract Trading Market Report, and the core highlights are summarized below:

From January 2025 to April 2026, MEXC and BingX led the industry in the number of new perpetual contracts listed, with 879 and 565 contracts respectively.
The average monthly trading volume of the top 11 centralized perpetual exchanges dropped to $4.7 trillion in 2026, compared to $7.1 trillion in 2025.
The average monthly trading volume of the top 12 decentralized perpetual exchanges rose to $611.57 billion in 2026, up from $531.65 billion in 2025.
Driven by Hyperliquid, the trading volume of decentralized perpetual contracts grew substantially in 2025, with its share of centralized contract volume peaking at 13%.
The open interest share of decentralized perpetual exchanges continued to rise in 2025, currently standing at 13.5%, with Hyperliquid ranking first.

Diverging Listing Pace of Contracts, Smaller Platforms More Aggressive

From January 2025 to date, MEXC and BingX have listed the highest number of new perpetual contracts, ranking first and second in the industry with 879 and 565 new contracts respectively, averaging 55 and 35 new listings per month. Both platforms focus on long-tail token contracts.

Among the top 11 exchanges, 6 averaged fewer than 20 new contract listings per month, indicating a more conservative approach. Crypto.com listed the fewest new contracts, adding only 2 in December 2025 and peaking at 13 in April 2026.

Major exchanges generally prioritize listing perpetual contracts, with relatively few new spot token listings. Over the past 16 months, Binance has added 305 new perpetual trading pairs compared to only 125 spot trading pairs, with most new contracts concentrated on meme coins and AI-related tokens.

Exchanges with high contract listing volumes like MEXC, BingX, and Gate have also been aggressive in their spot token offerings. Leveraged trading demand for niche tokens is relatively low, appealing to a more risk-tolerant audience.

Constrained by compliance requirements, the listing process for perpetual contracts is longer than for spot, and trading volume for niche tokens remains relatively limited. Since January 2025, CoinGecko has tracked 7,803 new tokens, but only 1,030 of these have had perpetual contracts listed on the top 11 centralized exchanges.

Centralized Contract Trading Volume Declines Year-on-Year

The average monthly trading volume of the top 11 centralized perpetual exchanges in the first four months of 2026 was $4.69 trillion, a 34% decline from $7.11 trillion in 2025.

BingX bucked the trend this year, increasing its market share from 3% in 2025 to 5%, temporarily ranking seventh in the industry. Bitget's trading volume fell, with its average monthly volume dropping from $740.62 billion to $287.08 billion, though it still holds a 6% market share, ranking sixth.

Binance and OKX solidified their top positions, with their market shares slightly increasing to 33% and 15% respectively in the first four months of 2026.

Decentralized Contract Volume Steadily Rises, New Platforms Break Out Quickly

In January 2026, the trading volume of decentralized contracts reached $751.59 billion, before declining month by month to $481.84 billion in April, still significantly higher than the sub-$300 billion level seen in the same period of 2025.

The total annual trading volume of decentralized perpetual contracts in 2025 was $6.38 trillion, representing a several-fold increase compared to $1.5 trillion in 2024. Despite pressure on the overall market, the industry's transaction volume in 2026 is still expected to be on par with or even surpass last year.

The market share of newer decentralized contract platforms like Pacifica, Extended, and Variational continues to expand, with all three having launched points programs, likely preceding future airdrops. In April, their respective market shares were 4%, 4%, and 3%, already surpassing the scale of established platforms like Jupiter and dYdX.

Decentralized Contract Share Spikes Then Declines, Top Projects Stand Out

The ratio of decentralized to centralized perpetual contract trading volume rose steadily throughout 2025, starting at 3% at the beginning of the year and peaking at 13% by year-end. This ratio has declined somewhat in 2026, falling to 10% in April, as centralized exchanges reclaimed over 90% of market dominance, returning to this structure for the first time since October 2025.

Hyperliquid captured the majority of decentralized contract trading volume, with a volume of $190.28 billion in April, representing 3.9% of the total industry contract volume and ranking ninth, slightly below BingX's $196.81 billion and ahead of KuCoin's $83.71 billion.

While the growth rate of decentralized contracts has temporarily slowed, newcomers like Pacifica are attracting capital through the prospect of points-based airdrops, leaving room for a potential rebound in market share.

Overall Open Interest Shrinks, Decentralized Contract Share Significantly Increases

The overall open interest in the crypto market fell from $120.35 billion at the start of 2025 to $99.09 billion at the end of April 2026, more than halved from the all-time high of $210.02 billion just before the liquidation event on October 7, 2025.

Centralized exchanges still hold the vast majority of open interest, but their share has declined from 96.4% at the beginning of 2025 to 86.5% at the end of April 2026. Since October 2025, the open interest share of decentralized contracts has consistently remained above 10%.

Furthermore, the implementation of on-chain Real World Asset (RWA) businesses is driving the development of decentralized contracts, allowing crypto users to participate in traditional financial market trading through these platforms without needing to liquidate their positions and exit the crypto ecosystem. However, centralized exchanges are also proactively following this trend, successively listing RWA-based perpetual contracts, further intensifying competition in this sector.

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