The on-chain ever-focused decentralized exchange hit a new milestone, surpassing $1 trillion in total trade volume this month—a sharp increase from $739 billion in September. This advance marks the highest monthly trading activity ever recorded for these platforms, according to Data Source Defillama.
The record volume comes amid increased market turmoil, especially on October 10, when major cryptocurrencies crashed, triggering a staggering $20 billion in forced liquidations on both centralized and decentralized exchanges. Hyperliquid, the leading on-chain Perpetual Dex, single-handedly liquidated 1,000 wallets, with 205 losing more than $1 million each.
Notably, October 10 also saw on-chain Perpetual Markets hit a record single-day trading volume of $78 billion. The surge in volumes on decentralized platforms underscores growing trader confidence in permissionless, high-leverage markets and signals that decentralized exchanges are rapidly closing the gap with their centralized counterparts.
