A centralized exchange holds your funds and matches your trade internally, while a decentralized exchange like Hyperliquid settles the trade onchain and never takes custody of your balance. That difference shows up if the platform is hacked or freezes withdrawals: a CEX can act on your funds, a DEX structurally can't. These guides cover the real tradeoffs between the two models, including speed and fees, and how to judge whether a given perp DEX is actually decentralized. The non-custodial argument tends to matter more right after a major exchange failure than before one, which is exactly the wrong time to learn it for the first time.
GuideA centralized exchange (CEX) holds your funds and matches trades on its own servers; a decentralized exchange (DEX) lets you trade from your own wallet with on-chain settlement. Here is a fair, plain-English comparison of CEX vs DEX in 2026 — custody, KYC, listings, transparency and trade-offs — and where Hyperliquid fits.
GuideA perp DEX lets you trade perpetual futures on-chain without handing custody of your funds to an exchange. This guide ranks the best decentralized perpetual exchanges in 2026 by liquidity, fees, order-book design and user experience — with an honest case for why Hyperliquid leads.
GuideA non-custodial exchange lets you trade crypto directly from your own wallet without handing custody to a company. Compare the best non-custodial exchanges and DEXs in 2026 for spot and perpetuals, with an honest look at self-custody trade-offs.
GuideWhat is DeFi? A plain-English beginner’s guide to decentralized finance — how trading, lending, borrowing and earning work with smart contracts instead of banks, the core building blocks, the real risks, and where perps DEXs like Hyperliquid fit.
GuideUnderstand the fundamental difference between custodial and non-custodial trading. Learn why "Not your keys, not your coins" is the golden rule of crypto.
Perps, spot, copy & prediction markets in one fast, non-custodial app. Get Dexly on iOS & Android and start in seconds.