CoinGecko has published its 2026 Crypto Perpetuals Report, offering a data-driven look at the state of perpetual futures trading across centralized and decentralized exchanges.
The report, available on CoinGecko’s research portal, arrives as perpetual futures continue to dominate crypto derivatives activity. Perpetuals are futures contracts with no expiration date, allowing traders to hold leveraged long or short positions indefinitely, unlike traditional futures that settle on a fixed date.
What are crypto perpetuals?
Perpetual futures, often called “perps,” let traders speculate on the price of a cryptocurrency without owning the underlying asset. Positions are kept open through a funding rate mechanism, where traders on the dominant side of the market pay those on the opposite side at regular intervals.
This structure makes perpetuals the most widely traded instrument in crypto derivatives. They account for the bulk of volume on major exchanges and serve as a key channel for leveraged exposure to assets like Bitcoin and Ethereum.
TLDR KEY POINTS
- CoinGecko has released its 2026 Crypto Perpetuals Report covering the state of perp trading.
- Perpetual futures are crypto’s dominant derivatives instrument, used for leveraged speculation without asset ownership.
- The report examines both centralized and decentralized perpetuals exchanges.
What the report covers
CoinGecko’s perpetuals research has historically focused on trading volumes, exchange market share, and the growing role of decentralized perpetuals platforms. The company’s earlier research noted a significant rise in decentralized perp DEX activity, a trend that the 2026 edition likely builds on.
Readers should look for metrics such as open interest, funding rates, and volume splits between centralized and decentralized venues. These figures reveal how much leverage is in the system and where traders are choosing to execute.
The report also likely addresses the competitive landscape among perp DEXs, several of which have gained meaningful market share over the past year. This shift from centralized to decentralized venues mirrors broader trends seen across crypto, including in regulated product launches and institutional expansion into digital assets across Europe.
Why perpetuals data matters for traders
Perpetual futures are a primary venue for crypto price discovery. Large leveraged positions in perps markets can amplify spot price moves, making derivatives data essential for anyone tracking short-term market direction.
Funding rates, in particular, signal whether the market leans bullish or bearish. Persistently positive funding rates indicate crowded long positions, while negative rates suggest bearish sentiment. A report aggregating these signals across exchanges gives traders a consolidated view that individual dashboards cannot.
Open interest trends also matter. Rising open interest alongside rising prices suggests new capital entering the market, while declining open interest can signal position unwinding. These dynamics are especially relevant as new exchanges expand into regulated jurisdictions, potentially drawing fresh participants into derivatives trading.
What to watch after the report release
Traders and analysts should monitor whether the report’s findings shift sentiment around leverage conditions. If the data reveals historically elevated open interest or skewed funding rates, it could inform positioning decisions in the near term.
The full report is available on CoinGecko’s publications page.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.