Arkham Exchange revealed plans to shift from a traditional centralized trading model to an entirely decentralized framework, according to CEO Miguel Morel .This announcement, which was affirmed in statements made to Cointelegraph, contradicts previous claims suggesting the exchange was shutting down due to low trading volumes in the centralized space.
Arkham’s strategic pivot comes amid a powerful acceleration in decentralized trading activity throughout 2025 and early 2026. According to company commentary and public remarks from its CEO, the decision reflects a structural shift in market behavior, particularly the surge in decentralized perpetual futures trading and the expanding share of overall crypto volume captured by DEX platforms relative to centralized exchanges.
Decentralized perpetual volumes climbed from roughly $4.1 trillion to about $12 trillion during 2025, underscoring how quickly traders have embraced on-chain derivatives. At the same time, Arkham Exchange itself reported average daily trading volumes of approximately $640,000 as of February 11.
In contrast, established centralized venues cited in the same reporting continue to process daily volumes in the billions, by nearly $9 billion for one major incumbent and around $2 billion for another.
Executives also point to a longer-term structural trend: the DEX-to-CEX trading ratio has more than tripled since 2020. In other words, decentralized platforms are no longer peripheral alternatives; they are steadily gaining ground as core market infrastructure.
Arkham strategic position and leadership
Strategically, the pivot leans heavily on the capabilities of Arkham Intelligence, the firm’s parent company founded in 2020 by Miguel Morel. Known for its AI-driven on-chain analytics, often described internally as resembling a crypto market intelligence terminal, Arkham aims to integrate this data infrastructure directly into a decentralized exchange architecture.
Morel framed the transition as both ideological and tactical. He argued that decentralized trading represents the natural evolution of crypto markets, while describing some centralized incumbents as bloated and slow to adapt to new market structures. At the same time, the company clarified that the pivot was not a retreat from trading, but rather a response to earlier reports suggesting it would shutter its platform due to weak centralized volumes.
For traders, liquidity providers, and treasury managers, the shift could signal a gradual redirection of capital and activity toward on-chain venues, particularly in perpetual markets. If Arkham successfully integrates its analytics edge into execution and risk infrastructure, it may help deepen derivatives liquidity on DEX rails.
In practical terms, market participants should anticipate a transition period marked by product migration and evolving liquidity conditions. As order flow increasingly moves on-chain, leverage structures and funding rates may behave differently than on centralized platforms, potentially amplifying both returns and risks for margin traders.
