The crypto derivatives market in March 2026 recorded a record share of 76.5% of the total turnover of centralized exchanges (CEX), the highest since September 2023. However, CEX hegemony is cracking at the seams. In May, the share of perp-DEX Hyperliquid in the derivatives market soared to 6.63%, and the trading volume through the platform reached $200 billion out of a total pool of $3 trillion. These are not just numbers — they are a signal of a tectonic shift.
Crypto wallets are no longer just "safes" for assets. They are transforming into full-fledged financial hubs, wresting spot trading from exchanges, and now perpetual futures as well. Together with the Gem Wallet team, we figure out what has changed.
Why were exchanges the kings of the hill?
Centralized platforms won due to speed and low cost. Bitcoin processes 5–7 transactions per second, with fees peaking at tens of dollars. An exchange doesn't need a blockchain: debiting and crediting funds within a database takes milliseconds. This made CEX a universal entry point: fiat, spot, futures, storage — all in one account. The wallet remained merely a storage facility.
But fast networks like Solana and L2 solutions for Ethereum changed the game. Confirmation time is seconds, fees are pennies. On-chain infrastructure has caught up with CEX in convenience while retaining the main advantages: full control, privacy, and censorship resistance.
Spot trading: the exchange is no longer needed
Token swaps no longer require a deposit on the platform. Wallets aggregate liquidity from decentralized exchanges (DEX) and cross-chain protocols. Gem Wallet, for example, routes swaps through THORChain, Uniswap, Jupiter, and PancakeSwap, supporting over 100 blockchains. The service fee is 0.5% of the transaction amount, while MetaMask charges 0.875%. On a $10,000 operation, this saves $37.5.
Yield: DeFi catches up with Earn products
Passive income has long been a trump card for exchanges. But on July 1, 2026, Robinhood launched an Earn product with a yield of ~7% per annum on the USDG stablecoin from Paxos, placing funds in Morpho pools on Robinhood Chain. For comparison, basic CEX Earn programs offer 2–4% per annum. On-chain alternatives are already here: staking in Gem Wallet supports Ethereum, Solana, TRON, Cosmos, and other PoS assets. In a year or two, stablecoins with passive growth on the balance will become the standard.
Derivatives: the last bastion has fallen
Perpetual contracts were an exclusive of CEX. But perp-DEX have become an independent force: at their peak in October 2025, the segment's monthly turnover reached $1.36 trillion. Hyperliquid is not the only player: Aster temporarily surpassed it in volume, SunPerp launched in the TRON ecosystem, and Lighter is gaining ground. Gem Wallet has integrated perpetual futures trading through Hyperliquid, offering over 100 markets — from cryptocurrencies to Apple, Tesla, Nvidia stocks, gold, and oil, with leverage up to 50x. Hyperliquid fees: 0.01% for makers and 0.035% for takers.
Where are CEX still ahead?
- Access recovery. Losing a seed phrase means losing assets. On an exchange, a password can be recovered through verification.
- P2P and fiat. Developed marketplaces with escrow remain an exchange advantage, although card purchases are also available in wallets via MoonPay or Mercuryo.
- High-frequency trading. Scalping is sensitive to latency: block finalization takes seconds versus milliseconds of centralized matching.
- Cards, bonuses, and reporting. Crypto cards with cashback and bonus programs are more developed on CEX.
Self-custody transfers all responsibility to the user. Phishing and device compromise are the main risks. After the $1.5 billion Bybit hack in February 2025, the exchange restored reserves within 72 hours. A wallet owner has no one to compensate for a mistake.
Analyst verdict
In 2026, a non-custodial wallet covers most everyday operations: from spot trading and staking to derivatives. The exchange becomes a specialized tool for fiat gateways, P2P, and high-frequency strategies. As in investing, there is no winner — there is a smart combination of both approaches. But the trend is obvious: control and privacy are gradually defeating convenience and insurance. The market is moving toward a model where the wallet is not an option, but the foundation.