- Arkham says it’s redesigning Arkham Exchange into a fully decentralized exchange
- The move reflects rising frustration with CEX listings and centralized control
- Perp DEX growth is exploding, making this a timing play, not a retreat
Arkham Exchange is not shutting down, despite reports suggesting otherwise. Instead, the company says it is redesigning itself into a decentralized trading platform. Arkham CEO Miguel Morel confirmed to Cointelegraph on Wednesday that the exchange is shifting from a centralized model to a fully decentralized exchange.
Morel framed the decision as directional, not defensive. In his words, “The future of crypto trading is decentralized,” and Arkham wants to build toward that future rather than keep investing in a centralized structure. That’s a big statement for a product that launched as a CEX-style platform less than two years ago.
Arkham Exchange Was Built Like a Standard Trading Venue
Launched in 2024, Arkham Exchange allows users to trade spot crypto and perpetual contracts. The platform also released a mobile app in late 2025, suggesting it was still actively building on the centralized experience. At the time of reporting, Arkham shows average daily trading volume around $640,000, according to CoinGecko.
That’s not massive compared to major exchanges, but it’s meaningful context. This isn’t a dying platform quietly fading out. It’s a platform choosing to pivot while it still has a product, a user base, and a recognizable brand.
The Real Target Is What CEXs Have Become
Morel’s criticism wasn’t subtle. He argued centralized platforms have become “bloated and unresponsive,” even worse than the traditional finance systems they claim to improve. That line hits a nerve because it matches a growing frustration across crypto. Listings feel controlled, access feels gated, and users increasingly feel like they’re trading inside closed ecosystems rather than open markets.
This is also why DEX narratives keep winning culturally. Even when CEXs offer better UX, DEXs offer something more important in crypto terms: custody, openness, and permissionless access. Arkham is betting that those values are becoming commercially dominant again.
DEX Momentum Isn’t a Trend, It’s a Structural Shift
Arkham’s pivot also lines up with a broader market shift. According to CoinGecko, the DEX-to-CEX trading volume ratio reached new highs in 2025 after more than tripling since 2020. That alone signals that onchain trading is no longer a niche alternative.
Perpetual DEXs are where the real acceleration is happening. In 2025, perp DEX volumes nearly tripled, rising from about $4.1 trillion early in the year to as high as $12 trillion. That growth reflects something deeper than hype. It shows traders are increasingly willing to do leveraged trading onchain, even when it requires more self-custody responsibility.
This Is a Bet on the Next Era of Trading
Morel described decentralized trading, especially perps, as a “return to what made crypto exciting in the first place.” He argued it’s cheaper, faster, and gives users custody of their own assets, which is the core ideological promise crypto has always marketed.
Arkham hasn’t provided a clear timeline yet, and Cointelegraph noted the company didn’t immediately respond with additional details. But the direction is clear. Arkham isn’t trying to compete with the biggest centralized exchanges on their terms. It’s trying to switch the battlefield entirely.
