The on-chain perpetual-focused decentralized exchange has reached a new milestone, with total trading volume exceeding $1 trillion this month, a significant increase from $739 billion in September. This surge marks the highest monthly trading activity ever recorded on these platforms, according to data source DefiLlama.
This record trading volume comes amidst growing market turmoil, especially when major cryptocurrencies crashed on October 10th, causing a staggering $20 billion in forced liquidations on both centralized and decentralized exchanges. Hyperliquid, the leading on-chain perpetual DEX, alone liquidated 1,000 wallets, with 205 wallets losing more than $1 million each.
Notably, on October 10th, the on-chain perpetual market also reached a record daily trading volume of $78 billion. The surge in trading volumes on decentralized platforms confirms traders’ growing confidence in permissionless, high-leverage markets and shows that decentralized exchanges are rapidly closing the gap with centralized exchanges.
