TLDR
- October’s decentralized perps volume exceeded $1 trillion, surpassing August’s record.
- Hyperliquid led with $317.6 billion in trading volume in October 2025.
- Decentralized platforms like Hyperliquid are closing the gap with CEXs.
- Perpetual contracts offer 24/7 trading, high leverage, and opportunities in any market.
DeFi perpetual trading volume has surged to unprecedented levels, surpassing $1 trillion in October and setting a new record. This milestone eclipses the previous high of $762 billion set in August, marking a notable shift in the growth of decentralized finance. With platforms like Hyperliquid, Lighter, Aster, and edgeX leading the way, decentralized exchanges are quickly gaining ground on their centralized counterparts in the perpetual contract trading space.
Record-Breaking Volume in October
October has seen explosive growth in decentralized perpetual contract trading, with volume already surpassing $1 trillion. According to data from DeFiLlama, this achievement is a substantial increase over the previous high of $762 billion reached in August. At the current pace, October’s total volume is projected to hit $1.3 trillion, nearly doubling the previous record.
Hyperliquid, a leading platform in this surge, has contributed a significant portion of this volume, with $317.6 billion. Other platforms like Lighter, Aster, and edgeX have also shown impressive performance, registering volumes of $255.4 billion, $177.6 billion, and $134.7 billion, respectively. The record-setting day for decentralized perps trading was on October 10, which alone saw $78 billion in volume.
The Appeal of Perpetual Contracts
Perpetual contracts, popular for their 24/7 trading, high leverage, and the ability to profit in both rising and falling markets, are driving the surge in decentralized trading. Traders are increasingly attracted to these features as they seek higher returns with minimal holding requirements. This market dynamic is particularly appealing to speculative traders, offering more flexibility and opportunities compared to traditional financial instruments.
Although centralized exchanges (CEXs) like Binance and Bybit continue to dominate the perpetual contracts market, decentralized platforms are closing the gap at a rapid pace. While centralized exchanges still lead, the decentralized alternatives are gaining popularity due to innovations in the space, including better user interfaces and trading experiences.
Hyperliquid and Other Platforms Lead the Charge
Hyperliquid stands out as the dominant player in this surge, with $317.6 billion in trading volume in October alone. The platform’s success can be attributed to its ability to scale effectively and deliver a user-friendly trading experience. Kain Warwick, the founder of Infinex, highlighted that Hyperliquid was the first decentralized perpetual platform to successfully scale its operations.
In addition to Hyperliquid, other platforms like Lighter, Aster, and edgeX have played significant roles in the increase in decentralized perps volume. These platforms have attracted more traders by offering competitive features and enhancing their platforms to better meet the needs of the market.
Decentralized Exchanges Narrow the Gap
While centralized exchanges still dominate the space, the gap between them and decentralized exchanges is shrinking. Platforms like Binance and Bybit continue to see high trading volumes, with Binance recording $69.3 billion and Bybit $26 billion in the last 24 hours, according to CoinGecko data. However, decentralized platforms have made significant strides in narrowing this lead, fueled by innovations such as improved trading interfaces and increased accessibility.
In a key move, Hyperliquid integrated with MetaMask, one of the most popular cryptocurrency wallets, on October 8. This integration allows users to access Hyperliquid’s perpetual swaps exchange directly through the MetaMask app, further broadening its reach and user base. As decentralized exchanges continue to evolve and improve, they are expected to gain even more market share in the growing perpetual contracts market.
The rapid expansion of decentralized perpetual contract trading in October demonstrates the growing demand and innovation in the DeFi space. With volume now surpassing $1 trillion, decentralized exchanges are increasingly challenging centralized platforms for dominance in the market.
