BitMEX CEO Warns Perpetual DEX Hype May Fade Quickly as Centralized Exchanges Dominate

BitMEX CEO Stephan Lutz predicts the current frenzy around perpetual decentralized exchanges (DEX) like Hyperliquid and Aster could rapidly diminish. In an exclusive CoinDesk interview, Lutz cautioned that these platforms' incentive-heavy models are unsustainable despite recent trading volume surges. While new DEX competitors like Aster have challenged Hyperliquid's dominance and Justin Sun announced another DEX launch at Token2049 Singapore, Lutz characterized DEX incentive programs as "inherent pump-and-dump schemes" that create volatility risks for retail traders. He emphasized that centralized exchanges like Coinbase remain better positioned for long-term stability. Meanwhile, BitMEX's strategic shift to Tokyo data centers has boosted liquidity by 80-400%, and Lutz forecasts Bitcoin will behave more like a "real asset" with reduced volatility due to institutional adoption and spot ETFs.