Perp DEX volume reached a record $1.2 trillion in October as incentives and liquidations drove the increase.

2025-11-05 14:58:10

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The perpetual contract decentralized exchanges (perp DEX) reached a record level of 1.2 trillion USD in October, nearly doubling from the previous month. The growth momentum primarily comes from Lighter, Aster, EdgeX, Pacifica, and ApeX, all of which reported the highest trading volume in history.

Meanwhile, Hyperliquid's market share dropped from 33% to 10%, allowing Lighter to rise to the lead with 27%. This record volume stemmed from the airdrop point redemption reward program and the liquidation event on October 10, causing the market to record a surge in trading volume.

Aster benefits from the BNB Chain ecosystem, while Lighter attracts high-frequency traders with zero fees. It is expected that in the near future, the total trading volume will decrease slightly but will still be higher than the level before October due to ongoing incentive programs.

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