Hyperliquid Dominates October Perp DEX Volumes as On-Chain Trading Hits Records
The post Hyperliquid Dominates October Perp DEX Volumes as On-Chain Trading Hits Records appeared on BitcoinEthereumNews.com.
October was a record month for decentralized derivatives and stablecoin activity. Hyperliquid, the fast-rising perpetual DEX, led the field with $303 billion in trading volume, topping all decentralized competitors despite not running any active points or rewards program. Close behind were Lighter and Aster, posting $272 billion and $262 billion respectively. Still, Hyperliquid remains unmatched in one critical area, open interest (OI). Its OI surpasses that of all other perp DEXs combined, reflecting a deep, loyal trading base that isn’t chasing incentives but sticking with the platform’s liquidity and performance. Hyperliquid led by perp DEX volume in October with $303B But, Lighter and Aster follow closely with $272B and $262B. Still, Hyperliquid remains unmatched in Open Interest – its OI exceeds that of all other perp DEXs combined. Considering it comes with no active points… pic.twitter.com/ypGYfG9UcN — CryptoRank.io (@CryptoRank_io) November 5, 2025 Perp DEXs Smash $1.2 Trillion in Monthly Volume In October 2025, total decentralized perpetual exchange (Perp DEX) trading volume hit a record $1.2 trillion, up roughly 62% month-over-month from September’s $739 billion. That’s not just a jump, it’s a statement. The growth shows how decentralized derivatives are gaining legitimacy, even as centralized exchanges face tighter regulations. Lighter emerged as the surprise market leader, capturing 27% of total volume, or roughly $324 billion in trades. Hyperliquid, though leading early in raw transaction data, saw its market share drop from 33% in September to 10% in October, closing the month with around $120 billion in verifiable trading volume. Other major players, Aster, EdgeX, Pacifica, and ApeX, collectively captured the remaining 63% of market share, or about $756 billion in total. Aster’s numbers remain under debate, with some data analysts questioning wash trading activity, which could overstate its real transaction volume. The spike in trading came amid heavy market volatility, pushing…
Filed under: News - @ November 6, 2025 5:28 am