Perpetuity-focused decentralized on-chain exchanges have reached another milestone, surpassing $1 trillion in total transaction volume this month, a sharp increase from September’s $739 billion. The increase marks the highest monthly trading activity ever recorded for these platforms, according to data source DefiLlama.
This record volume comes amid increased market turbulence, particularly on October 10, when major cryptocurrencies crashed, triggering a staggering $20 billion in forced liquidations on centralized and decentralized exchanges. Hyperliquid, the leading on-chain perpetual DEX, liquidated 1,000 wallets alone, with 205 losing over $1 million each.
Notably, October 10 also saw on-chain perpetual markets hit a record single-day trading volume of $78 billion. The increase in volumes on decentralized platforms highlights traders’ growing confidence in permissionless and highly leveraged markets and indicates that decentralized exchanges are rapidly closing the gap with their centralized counterparts.
