DeFi perps trading volume has shattered its all-time high. In the last 30 days leading up to Friday, it reached $1.241 trillion. This achievement, recorded by on-chain data from DeFiLlama, was driven by a massive increase in trading activity during October, surpassing August’s $762 billion with a week still left in the month. The 24-hour volume also exceeded $45.75 billion.

This explosive growth comes despite recent volatility, including a market “crash” on October 11 that caused $20 billion in forced liquidations. DEX platforms like Hyperliquid (which led the 30-day volume with $316 billion), Lighter, and Aster have been the main drivers. Kain Warwick, founder of Infinex, acknowledged this growth and highlighted Hyperliquid as the first DEX to successfully scale in this sector.

Despite the boom in DeFi perps, centralized exchanges (CEX) like Binance and Bybit still dominate the total volume. However, all eyes are on whether DEXs can maintain this momentum; projections suggest they could close October with a volume close to $1.3 trillion. Open interest on DEXs also reached a record $16.84 billion, indicating that speculative activity continues to rise.

Source: https://defillama.com/perps

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Filed under: News - @ October 24, 2025 2:33 pm