Decentralized finance (DeFi) perpetual trading volume has surged to unprecedented levels, exceeding $1 trillion in October 2025 and setting a new record. This milestone eclipses the previous high of $762 billion set in August, according to data from DeFiLlama. At the current pace, October's total volume is projected to hit $1.3 trillion, nearly doubling the August record.
Hyperliquid led the charge with $317.6 billion in trading volume for October, followed by other platforms like Lighter at $255.4 billion, Aster at $177.6 billion, and edgeX at $134.7 billion. The record-setting day for decentralized perps trading was on October 10, which alone saw $78 billion in volume.
Perpetual contracts have driven this surge due to their 24/7 trading, high leverage, no expiration, and the ability to profit in both rising and falling markets. These features attract speculative traders seeking higher returns with minimal holding requirements.
While centralized exchanges (CEXs) like Binance and Bybit continue to dominate—with Binance recording $69.3 billion and Bybit $26 billion in the last 24 hours, per CoinGecko—decentralized platforms are rapidly closing the gap. Innovations, such as improved user interfaces and trading experiences, are fueling this growth. Kain Warwick, founder of Infinex, highlighted that Hyperliquid was the first decentralized perpetual platform to successfully scale its operations.
In a key development, Hyperliquid integrated with MetaMask on October 8, allowing users to access its perpetual swaps exchange directly through the wallet app. This integration broadens accessibility and underscores the evolving competitiveness of decentralized exchanges in the perpetual contracts market.
BTC
SOL
XRP
MIM
LTC