On-Chain Perpetual DEXs Break $1 Trillion Monthly Volume Record
On-chain perpetual-focused decentralized exchanges (DEXs) have surpassed $1 trillion in total trading volume this month, marking a significant rise from $739 billion in September, according to DefiLlama. This milestone represents the highest monthly trading activity ever recorded for these platforms.
The surge comes amid heightened market volatility, especially on October 10, when major cryptocurrencies tumbled, triggering $20 billion in forced liquidations across both centralized and decentralized exchanges. Hyperliquid, a leading on-chain perpetual DEX, alone liquidated 1,000 wallets, with 205 accounts losing over $1 million each.
That same day, on-chain perpetual markets posted a single-day trading volume of $78 billion, setting a new record. Analysts say the growth reflects increasing trader confidence in permissionless, high-leverage markets and signals that decentralized exchanges are rapidly closing the gap with centralized platforms.
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