Decentralized Perpetual Trading Volume Surges Past $1 Trillion in October

Decentralized perpetual (perps) trading has hit an all-time high this month, surpassing $1 trillion in trading volume with a full week still remaining in October. 

The figure, reported by DeFi analytics platform DeFiLlama, marks a huge leap from August’s previous record of $762 billion. It underscored the rapid growth of decentralized finance and the rising appetite for crypto derivatives.

According to the data, Hyperliquid has led the surge with $317.6 billion in trading volume so far, followed by Lighter ($255.4 billion), Aster ($177.6 billion), and edgeX ($134.7 billion). Smaller decentralized exchanges have contributed the remainder, helping to set a new single-day record of $78 billion in decentralized perps volume on Oct. 10.

At the current pace, decentralized perps trading is projected to close October near $1.3 trillion, almost double August’s performance.

Why is Perpetual Trading Booming

Perpetual futures have become one of crypto’s hottest products due to their round-the-clock trading, high leverage, no expiry dates, and the ability to profit from both bullish and bearish markets. These features make them particularly appealing to speculative traders seeking high returns without needing to hold underlying assets long-term.

Experts suggest that the growth of decentralized perps reflects traders’ increasing preference for self-custody and transparency, especially in the wake of regulatory crackdowns on centralized platforms. Unlike traditional exchanges, decentralized exchanges (DEXs) allow users to retain control of their funds while participating in leveraged trading.

Centralized Exchanges Still Lead, For Now

Despite the strong momentum, decentralized perps volumes still trail those of centralized exchanges (CEXs). According to CoinGecko data, Binance and Bybit handled $69.3 billion and $26 billion in perp trading volume, respectively, over the past 24 hours. However, that dominance is shrinking quickly as DEX technology improves.

Infinex founder Kain Warwick noted earlier this month that Hyperliquid was the first decentralized platform to “get it right” and scale successfully after years of experimentation by early players such as Synthetix, dYdX, and GMX.

Hyperliquid’s recent integration with MetaMask on Oct. 8, allowing users to access its perpetual swaps directly through the popular wallet, has further accelerated adoption.

If current trends continue, decentralized perpetual trading could soon challenge centralized exchanges’ dominance. This signals a major shift in how crypto derivatives are traded across the global market.