Arkham CEO Morel Denies Shutdown and Officially Announces Transition to Full DEX: Is This the New Starting Point in the Perpetual Contract Battle?

In mid-February 2026, rumors about Arkham Exchange “soon shutting down” sent shockwaves through the crypto community. However, within just 24 hours, the situation rapidly reversed—Arkham CEO Miguel Morel personally refuted the rumors, clearly stating that the platform will not be closing, but instead undergoing a comprehensive strategic overhaul: transitioning from a traditional centralized exchange (CEX) to a decentralized trading platform (DEX).

This was not only a timely public relations clarification but also reflected the ongoing structural shifts in the crypto derivatives sector. As DEX monthly trading volumes hit new highs and users’ demand for self-custody of assets surpasses their faith in “high leverage,” Arkham Exchange’s decision may be charting a new survival path for second-tier trading platforms.

A “Misinterpreted” Transformation: Not a Farewell, but a Rebuild

According to an exclusive response from Arkham to Cointelegraph, the earlier reports of “business closure” were a misinterpretation of strategic adjustments. Morel emphasized in the statement: “The future of crypto trading is decentralization, and we are building for that.”

Data shows that Arkham Exchange officially launched in 2024, focusing on spot and perpetual contracts trading, and completed mobile app deployment by the end of 2025. Although its current daily trading volume is around $700,000—lagging behind top-tier platforms—its underlying data analytics giant, Arkham Intelligence, still possesses formidable on-chain technical capabilities.

Gate’s market data indicates that as of February 12, 2026, Arkham’s ecosystem token ARKM is trading at $0.1169 on Gate’s spot market. The price has fallen 1.18% in the past 24 hours, with an 11.78% decline over the past 7 days, and a current circulating market cap of approximately $66.4 million. On-chain data shows ARKM’s all-time high was $3.99, meaning the current price is only 2.93% of its peak, entering a deep value zone. Whether this strategic shift can inject new narrative momentum into the token’s price is a recent market focus.

Why Change? Morel Candidly Criticizes: CEX Are “Obese Like Traditional Finance”

In explaining the reasons for the transformation, Morel did not shy away from sharply criticizing the current state of centralized exchanges. He pointed out that leading CEX platforms have become “bulky and sluggish” in token listing mechanisms and responding to user demands, even “worse than the traditional financial systems they attempt to surpass.”

This sentiment is not isolated. CoinGecko statistics show that since 2020, the share of spot trading volume between DEX and CEX has increased over threefold; in derivatives, perpetual DEXs saw annual trading volume grow from $4.1 trillion at the start of 2025 to $12 trillion by year-end, with on-chain leverage trading eating into the market share traditionally held by CEXs.

Morel summarized this trend as a “return to crypto’s true essence”:

“Decentralized trading is cheaper, faster, and allows users full control over their assets. We no longer want to invest in that outdated centralized model.”

Not an Isolated Case: DEXs Are Redefining Derivatives Trading Boundaries

Arkham’s pivot comes at a critical time. In January 2026, the total monthly trading volume of perpetual DEXs across the entire network surpassed $1 trillion for the first time. Although protocols like dYdX, GMX, and Hyperliquid still dominate this space, market data clearly shows a strong preference for permissionless listings and non-custodial settlement mechanisms.

For example, Hyperliquid’s monitoring indicates that in early February 2026, the HIP-3 market recorded a single-day trading volume of $5.2 billion, with nearly 90% of liquidity coming from perpetual contracts on traditional assets like silver and gold. This phenomenon is highly symbolic: on-chain derivatives platforms now have the capacity to serve traditional commodity hedging needs, and Arkham’s decision to “go all-in” on DEXs aims to hop onto this high-speed train.

Transformation Uncertainties: Technical Capabilities and Timeline

So far, Arkham has not announced a detailed technical roadmap or mainnet launch schedule for its transition from CEX to DEX. The market generally expects this shift to leverage Arkham Intelligence’s expertise in blockchain data analysis—founded in 2020 with investors including OpenAI’s Sam Altman and Draper Associates—focused on on-chain address tracking and de-anonymization.

For Arkham Exchange, challenges are also evident: the leading DEX sector is intensifying, and new entrants must offer differentiated liquidity solutions and competitive advantages in cross-chain interoperability and funding rates. As of February 2026, the average funding rate for on-chain perpetual contracts remains 30–50 basis points higher than CEXs, creating friction costs that are hard to ignore during large capital flows.

ARKM Price Analysis and Market Forecast

Gate’s market data as of February 12, 2026:

• ARKM current price: $0.1169
• 24-hour trading volume: $457,990
• Market cap: $66.4 million (market share 0.0048%)
• 24-hour price change: -1.18%
• 7-day change: -11.78%
• 30-day change: -40.32%
• 1-year change: -83.25%

Historical price references:

• All-time high: $3.99 (down 97.07% from current price)
• All-time low: $0.1001 (current price is up 16.78% from this low)

Price forecast model (2026–2031):

According to Gate Research Institute, ARKM’s average price in 2026 is projected at $0.1168, with a fluctuation range between $0.07475 and $0.1249. By 2031, if the transformation proves successful, ARKM could rise to $0.2103, representing a potential return of +28.00% from current levels. The current market sentiment is “bullish,” with circulating supply at 568.53 million ARKM and a fully diluted market cap of $116.8 million.

In a macro environment where mainstream tokens are in range-bound consolidation and incremental capital is cautious, a “fundamentally driven business restructuring” like Arkham’s could serve as a catalyst for re-evaluating established projects.

Gate’s Perspective: Why Are Professional Traders Paying Attention to the DEX Shift?

As a comprehensive platform supporting multiple asset classes, Gate has observed an increasing number of professional traders adjusting their on-chain allocation strategies. Its January 2026 transparency report shows that Gate Perp DEX’s monthly trading volume has stabilized above $5.5 billion, with reserve coverage at 125%, indicating strong demand for transparent on-chain settlement mechanisms.

If Arkham’s transition succeeds, it will mark the first time a second-tier exchange has joined the DEX camp through a “full business migration.” This could not only be a strategic turning point for a single project but also initiate a hybrid paradigm experiment combining “CEX infrastructure + DEX governance logic.”

For ARKM holders, as of February 12, the Gate spot closing price of $0.1169 is near the lowest point since listing. Historical data shows ARKM’s all-time high was $3.99, with current prices down over 97% from the peak, and the technicals indicate severe oversold conditions. Following Morel’s clear “anti-CEX” declaration, the market will closely monitor the actual code delivery.