On-Chain Perpetual Markets Surge to $1 Trillion in Volume

On-Chain Perpetual DEXs Top $1 Trillion in Monthly Trading

On-chain perpetual-focused decentralized exchanges (DEXs) have surpassed $1 trillion in trading volume this month, a sharp jump from $739 billion in September, according to DefiLlama. This marks the highest monthly activity on record for these platforms.

The surge comes amid increased market volatility, particularly on October 10, when major cryptocurrencies tumbled, triggering $20 billion in forced liquidations across centralized and decentralized exchanges. Hyperliquid, a leading on-chain perpetual DEX, liquidated 1,000 wallets, including 205 accounts losing over $1 million each.

On the same day, on-chain perpetual markets posted a single-day record of $78 billion in trading volume. Analysts say the milestone reflects growing confidence in permissionless, high-leverage markets and shows that decentralized exchanges are closing the gap with centralized platforms.