On-Chain Crypto Perpetuals Hit $1 Trillion in Trading Volume

On-Chain Perpetual DEXs Smash $1 Trillion Monthly Volume Record

On-chain perpetual-focused decentralized exchanges (DEXs) have surpassed $1 trillion in total trading volume this month, setting a new all-time high. This represents a sharp jump from $739 billion in September, according to DefiLlama.

The record surge comes amid heightened market turbulence, particularly on October 10, when major cryptocurrencies plunged, triggering $20 billion in forced liquidations across both centralized and decentralized platforms. Hyperliquid, a leading on-chain perpetual DEX, liquidated 1,000 wallets, with 205 losing more than $1 million each.

That day also saw a single-day trading volume record of $78 billion for on-chain perpetual markets. Analysts say the spike highlights growing trader confidence in permissionless, high-leverage markets and suggests that decentralized exchanges are rapidly narrowing the gap with their centralized counterparts.

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