Perpetual decentralized exchanges (perp DEXes) recorded monthly volume of $1.049 trillion as of October 24, marking the first time on-chain derivatives markets crossed the $1 trillion threshold and setting a new benchmark for decentralized trading infrastructure.
DefiLlama data shows approximately $1.241 trillion in 30-day volume as of October 24. Still, open interest on the chain is $15.83 billion, a contraction of 12% over the past 30 days, likely related to the October 10 outbreak.
The October 10-11 period provided the catalyst, following a rate-driven sell-off that produced what CoinGlass called “the largest liquidation event in cryptocurrency history,” wiping out an estimated $19 billion to $30 billion across centralized and decentralized locations.
DefiLlama’s feed reached an all-time high in a single day around October 10, with approximately $78 billion in DEX volume per perpetrator, a figure that dwarfs the early October baseline.
The volatility stemmed from President Donald Trump’s announcement of a 100% tariff on Chinese imports, which led to massive liquidations of leveraged positions within 24 hours.
That two-day flush kept funding rates high and fueled sustained activity on derivatives platforms over the next week, mechanically driving up perp turnover and resets across the DEX infrastructure.
Rewards kept the perpetual trade going
Points programs, airdrop farming, and trading competitions allowed users to make trades during and after the October 10 outbreak.
As CoinGecko reportedairdrop farming for tokenless perpetual DEXs increased in popularity in late 2025, as users noticed these platforms’ generally generous airdrop allocations.
This is likely why Lighter posted monthly volume of $193.1 billion while Aster recorded $187.9 billion, as both platforms benefit from the ‘brave DEX meta’. Despite having a token, Aster has an active rewards campaign as of the time of writing.
Arbitrum’s DRIP initiative and Synthetix’s mainnet trading competition in late October represent the kind of protocol-level incentives that drive repeat on-chain activity, especially among users optimizing for points accumulation at tokenless or newly launched venues.
The structure of these programs of milestone-based unlocks, fee-sharing arrangements and yield-bearing collateral options have changed the calculus for market makers and retail traders.
Despite the increase in volume from new platforms, Hyperliquid has contributed approximately $316.4 billion to 30-day perp volume and has more than $7.5 billion in open interest on its tier-1 blockchain.
Locations in Solana contributed measurably to the increase in October. Drift and other SOL-native offender platforms recorded an increase in daily throughput, with Messari data showing that SOL offenders had an average daily volume of approximately $1.8 billion during the month.
Implications for decentralized derivatives
On-chain derivatives now operate at a scale that rivals segments of centralized exchange operations, bringing deeper liquidity pools, distribution of fees to token holders, and market maker involvement directly onto public blockchains.
The shift has systemic implications. Any disruption to the oracle feeds, risk engines, or chain vibrancy now impacts billions in open interest and daily volume, measured in tens of billions.
The October 10 event served as a live stress test for most locations. Centralized exchanges such as Kraken, Coinbase and Binance reported service instability during the event.
Meanwhile, aside from a brief stop in dYdX, the perpetrator DEXs functioned as intended, processing liquidations with no downtime. This showed that decentralized infrastructures can withstand extreme volatility while maintaining functionality.
Regulators’ attention to leverage ratios and user protections will likely increase as offender DEXs capture greater market share.
Aster’s offering of 1,001x leverage on select pairs, combined with the absence of KYC requirements on most platforms, is creating friction with jurisdictions tightening rules on retail access to highly leveraged products.
Purpose-built app chains and rollups optimized for derivatives trading will proliferate as teams chase the fee revenue and network effects that October volumes showed.
The sustainability of the increase depends on whether volatility continues and whether stimulus budgets can support continued user acquisition without diluting token value or depleting coffers.
October established that decentralized derivatives can function on an institutional scale, but also increased the potential impact of technical failures and regulatory intervention as the sector continues to grow.
