Buying and selling exercise on decentralized exchanges (DEXs) surged to new highs in October, signaling the continued shift of worldwide crypto markets towards on-chain finance.
In response to information from DeFiLlama, perpetual DEXs processed greater than $1.36 trillion in buying and selling quantity final month, the best stage ever recorded. That determine surpassed August’s $759 billion peak, setting a brand new benchmark for on-chain buying and selling exercise.
Hyperliquid Leads as Onchain Perpetuals Acquire Traction
The sharp rise in quantity underscores rising investor confidence in on-chain platforms. Hyperliquid, a layer-1 blockchain that has dominated the perpetual DEX panorama, accounted for roughly $299 billion of October’s complete.
Shut behind was Lighter, an Ethereum-based DEX that dealt with about $265.4 billion, whereas Binance-linked Aster processed round $259.9 billion.
Prime 5 Perps DEX Platforms. Supply: DeFiLlama
The efficiency of newer gamers resembling Lighter and Aster reveals that merchants are steadily migrating away from centralized exchanges (CEXs). They’re turning as a substitute to decentralized venues that supply larger transparency, decrease charges, and direct management over their property.
Certainly, DEX to CEX spot commerce quantity share has greater than doubled from underneath 10% final yr to greater than 20% in 2025
Notably, Hyperliquid has been each a driver and a beneficiary of that momentum.
Trade analysts attribute this on-chain increase to a number of intertwined elements. The rise of platforms providing improved interfaces and incentives, together with airdrops and factors packages, has drawn retail merchants in droves.
But the pattern additionally displays deeper structural shifts. Following repeated centralized change scandals and rising regulatory scrutiny, many merchants now view DEXs as safer venues that keep custody and supply earlier entry to new tokens.
Nonetheless, October’s file numbers weren’t purely natural.
The surge in quantity coincided with roughly $20 billion in pressured liquidations throughout leveraged positions early within the month. That wave was triggered after President Donald Trump said that the US would possibly elevate tariffs in response to China’s new restrictions on rare-earth exports.
The remark sparked a broad sell-off in danger property, driving crypto costs decrease and prompting a file wave of buying and selling actions throughout platforms.
Certainly, CoinShares later reported that the ensuing market turbulence generated a file weekly buying and selling quantity of over $53 billion in regulated crypto funding merchandise, resembling ETFs.
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