In October 2025, the total volume of decentralized perpetual contract exchanges (perp DEX) soared to a record $1.20 trillion, almost doubling from the previous month. The growth was mainly driven by platforms such as Lighter, Aster, EdgeX, Pacifica and ApeX. Lighter led the market with about 27% market share, while Hyperliquid's market share fell to 10% from 33% last month.
The surge in trading volumes was driven by two main factors: incentives such as "points schemes" introduced by various platforms; and a wave of clearing triggered by the market volatility on October 10, which forced the concentration of long and short positions squaring. After the incident, many traders accelerated trading frequency to make up for losses.
Perp DEX trading volume hits record $1.20 trillion in October
2025-11-04 20:37:19
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