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DEX Volumes Top $1 Trillion in August as Perpetuals Boom, but Totals Are Disputed

Conflicting data sources leave the scale of August’s on-chain trading surge in dispute.

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Overview

  • DefiLlama-based tallies show DEXs handled about $1.15 trillion in August, with roughly $648.6 billion from perpetuals and $506.3 billion from spot trading.
  • Perpetuals set an all-time high and accounted for a majority of DEX activity, while spot volumes finished within $1.5 billion of January’s peak.
  • Liquidity concentrated on a few protocols, led by Uniswap in spot (~28.2%, ~$143 billion) and Hyperliquid in perpetuals (~62.5%, ~$405.8 billion).
  • The Block reports a far lower August DEX total of about $368.8 billion, underscoring methodological gaps that complicate cross-source comparisons.
  • Off-chain activity stayed brisk, with centralized-exchange spot volume at roughly $1.86 trillion in August led by Binance’s ~$737.1 billion and strong U.S. spot Ethereum ETF inflows reported for the month.