Perp DEX trading volume reached a record $1.2 trillion in October
Jinse Finance reported that in October 2025, the total trading volume of decentralized perpetual contract exchanges (perp DEX) soared to a record $1.2 trillion, nearly doubling from the previous month. The growth was mainly driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and ApeX. Lighter ranked first with about 27% market share, while Hyperliquid's market share dropped from 33% last month to 10%. The surge in trading volume was mainly driven by two factors: first, incentive mechanisms such as "points programs" launched by various platforms; second, a wave of liquidations triggered by sharp market fluctuations on October 10, which forced both long and short positions to be closed en masse. After the event, many traders increased their trading frequency to make up for losses.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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