Perpetual-focused decentralized on-chain exchanges have reached a new milestone, surpassing $1 trillion in total trading volume this month, a sharp increase from $739 billion in September. This increase marks the highest monthly trading activity ever recorded for these platforms, according to data source DefiLlama.
The record volume comes amid increased market turbulence, particularly on October 10, when major cryptocurrencies crashed, triggering a staggering $20 billion in forced liquidations on both centralized and decentralized exchanges. Hyperliquid, the leading perpetual on-chain DEX, single-handedly liquidated 1,000 wallets, with 205 losing more than $1 million each.
Notably, on October 10, perpetual on-chain markets also reached a record single-day trading volume of $78 billion. Rising volumes on decentralized platforms underscore traders’ growing confidence in high-leverage, permissionless markets and signal that decentralized exchanges are rapidly closing the gap with their centralized counterparts.
