DeFi Perps Volume Hits Record $1.24 Trillion, May Reach $1.3 Trillion in October

• Record-Breaking Growth: DeFi perps volume reached $1.241 trillion in 30 days, surpassing previous peaks.

• Leading Platforms: Lighter, Aster, and Hyperliquid dominated with billions in daily volume, outpacing smaller DEXs.

• Market Trends: Open interest climbed to $16.84 billion, reflecting heightened speculation amid volatile crypto conditions, with Hyperliquid at $7.5 billion.

Discover how DeFi perpetual volume soared to $1.241 trillion in October 2025, breaking records. Explore top DEXs and trading insights for smarter crypto strategies. Stay ahead in decentralized finance—read now!

What Is Driving the Surge in DeFi Perpetual Volume?

DeFi perpetual volume has exploded to an unprecedented $1.241 trillion over the past 30 days, marking a historic milestone in decentralized finance as traders flock to perpetual contracts for their flexibility. This surge, observed on Friday, stems from intensified October activity where 24-hour volumes topped $45.75 billion, fueled by 24/7 access, high leverage, and the ability to capitalize on both bullish and bearish market movements. Platforms like Lighter, Aster, and Hyperliquid have emerged as frontrunners, capturing the bulk of this trading frenzy while smaller decentralized exchanges contribute to the overall growth.

How Do Leading DEXs Compare in Perpetual Trading Volume?

Data from DeFiLlama indicates Lighter led the pack with over $10 billion in perpetual volume in the last 24 hours, closely followed by Aster at $9.78 billion and Hyperliquid at $8.5 billion. Over the preceding seven days, Aster claimed the top spot with $88.68 billion, while Lighter and Hyperliquid recorded $64 billion and $62 billion, respectively. Looking at the full 30-day period, Hyperliquid stands out with more than $316.383 billion, outpacing Lighter’s $260 billion and Aster’s $178.27 billion, underscoring the competitive landscape among these innovative platforms.

This dominance by a handful of DEXs highlights their technological advancements in handling high-throughput trading without intermediaries. For instance, perpetual contracts on these exchanges allow users to maintain positions indefinitely, avoiding the expiry dates common in traditional futures. According to on-chain analytics, open interest in DeFi perps has risen sharply to $16.84 billion, with Hyperliquid accounting for $7.5 billion, Aster at $3.34 billion, and Lighter at $1.58 billion. This increase in open interest signals sustained trader confidence, even as markets navigate volatility.

Decentralized exchange perpetual trading volume over the years. Source: DeFiLlama.

The trajectory points to October closing around $1.3 trillion in total DeFi perpetual volume, eclipsing August’s $762 billion figure with time to spare. Perpetual trading’s appeal lies in its features: continuous availability, leverage up to 100x or more on select platforms, and the capacity to profit from market downturns via short positions. These elements have drawn speculative traders seeking alternatives to traditional finance, particularly in the crypto space where rapid price swings offer substantial opportunities.

While decentralized exchanges are booming, centralized exchanges (CEXs) maintain a larger overall share of perpetual trading. On-chain data shows Binance topping the charts with $70.2 billion in 24-hour perp volume, followed by Bybit at approximately $26 billion. Binance’s open interest reached $30 billion in the same timeframe, compared to Bybit’s $17.2 billion. In terms of available contracts, MEXC offers the most with 1,104 perpetual futures, trailed by Gate’s 741, Bybit’s 715, and Binance’s 612, providing users with diverse options for exposure.

Infinex founder Kain Warwick noted the evolution of decentralized perpetual platforms over the past decade, crediting early leaders like dYdX, Synthetix, and GMX for laying the groundwork. He emphasized Hyperliquid’s breakthrough as the first DEX to achieve meaningful scale, stating, “Decentralized perpetuals have come a long way, and Hyperliquid’s success demonstrates the potential for on-chain trading to rival centralized counterparts in efficiency and adoption.”

This growth occurs against a backdrop of market turbulence, including the significant crypto downturn on October 11, which triggered $20 billion in liquidations across both DEXs and CEXs. Hyperliquid bore the brunt, with 1,000 wallets liquidated and 205 losing over $1 million each. Notably, the day prior saw perpetual markets hit a single-day record of $78 billion in volume, illustrating the high-stakes environment where rapid gains and losses coexist.

Frequently Asked Questions

What Factors Contributed to DeFi Perpetual Volume Reaching $1.241 Trillion?

The all-time high in DeFi perpetual volume was propelled by October’s trading surge, with 24-hour volumes exceeding $45.75 billion. Key drivers include the appeal of high-leverage, non-expiring contracts on platforms like Hyperliquid and Lighter, alongside increased speculation amid crypto’s volatile recovery post-crash. Data from DeFiLlama confirms this as the highest 30-day total ever recorded.

Which Decentralized Exchanges Lead in Perpetual Trading This Month?

Leading decentralized exchanges in perpetual trading for October include Lighter with over $10 billion in 24-hour volume, Aster at $9.78 billion, and Hyperliquid at $8.5 billion. Over 30 days, Hyperliquid dominates at $316.383 billion, followed by Lighter and Aster, as per on-chain metrics from DeFiLlama, reflecting their robust infrastructure for handling massive trade flows.

Key Takeaways

• Historic Milestone: DeFi perpetual volume hit $1.241 trillion in 30 days, signaling mainstream adoption of decentralized leveraged trading.
• Platform Leadership: Hyperliquid’s $316 billion in 30-day volume positions it as a top DEX, with open interest at $7.5 billion driving further engagement.
• Market Resilience: Despite a $20 billion liquidation event, perps volume rebounded to record levels, offering traders tools to navigate volatility effectively.

Conclusion

The unprecedented rise in DeFi perpetual volume to $1.241 trillion underscores the maturing ecosystem of decentralized finance, where platforms like Hyperliquid, Lighter, and Aster are redefining trading accessibility and efficiency. As open interest climbs and volumes project toward $1.3 trillion for October, the sector demonstrates resilience amid market crashes and liquidations. Investors and traders should monitor these trends closely, leveraging perpetual contracts for strategic positioning in the evolving crypto landscape—opportunities abound for those prepared to engage thoughtfully.