Overview
- DeFiLlama data show decentralized perpetual markets have surpassed $1 trillion in monthly trading volume, marking their highest activity to date.
- On October 10, a sharp sell-off drove a record $78 billion single-day turnover and roughly $20 billion in forced liquidations, with Hyperliquid liquidating 1,000 wallets and 205 losing over $1 million.
- Hyperliquid contributed about $317.6 billion to October volume, while Lighter (~$255 billion), Aster (~$178 billion) and edgeX (~$135 billion) also logged large shares.
- Decentralized perpetual venues are narrowing the gap with centralized exchanges, though CEXs still post heavy flow such as Binance at $69.3 billion and Bybit at $26 billion over a recent 24-hour span.
- Drivers cited include 24/7 access, high leverage, lower fees on Layer-2 networks, deep stablecoin liquidity, and broader distribution after Hyperliquid’s MetaMask integration on October 8.