On-Chain Perpetual DEXs Surpass $1 Trillion in Monthly Volume
On-chain perpetual-focused decentralized exchanges (DEXs) have broken the $1 trillion mark in monthly trading volume, up sharply from $739 billion in September, according to DefiLlama. This represents the highest monthly activity ever recorded for these platforms.
The surge comes amid heightened market volatility, especially on October 10, when major cryptocurrencies tumbled, leading to $20 billion in forced liquidations across centralized and decentralized exchanges. Hyperliquid, a leading on-chain perpetual DEX, liquidated 1,000 wallets, with 205 accounts losing more than $1 million each.
That day also saw a single-day trading volume record of $78 billion for on-chain perpetual markets. Analysts say the milestone highlights growing trader confidence in permissionless, high-leverage markets and demonstrates that DEXs are rapidly closing the gap with centralized exchanges.
