In October, the perp DEX volume set a record of 1.2 trillion USD.

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[In October, perp DEX trading volume reached a record of $1.2 trillion] In October 2025, the total trading volume of decentralized perpetual futures exchanges (perp DEX) skyrocketed to a record $1.2 trillion, nearly doubling from the previous month. The rise was primarily driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and ApeX. Lighter led with approximately 27% market share, while Hyperliquid's market share fell from 33% last month to 10%. The surge in trading volume is mainly driven by two factors: first, the incentive mechanisms such as “points programs” launched by various platforms; second, the liquidation wave triggered by severe market fluctuations on October 10, which forced long and short positions to be closed out. After the event, many traders increased their trading frequency to make up for losses.

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