On-Chain Perpetual DEXs Surpass $1 Trillion Monthly Volume
Decentralized exchanges (DEXs) focused on on-chain perpetuals have reached a new milestone, exceeding $1 trillion in trading volume this month—a sharp increase from $739 billion in September, according to DefiLlama. This marks the highest monthly activity ever for these platforms.
The surge coincides with heightened market volatility, particularly on October 10, when major cryptocurrencies plunged, triggering $20 billion in forced liquidations across both centralized and decentralized venues. Hyperliquid, a top on-chain perpetual DEX, liquidated 1,000 wallets, with 205 losing more than $1 million each.
That day also set a single-day record of $78 billion in trading volume for on-chain perpetual markets. Analysts say the trend underscores growing trader confidence in permissionless, high-leverage markets and highlights the accelerating rise of DEXs as they close the gap with centralized exchanges.
