According to a report by
The Block
, perpetual decentralized exchanges (perp DEXs) saw their trading volumes soar to an unprecedented $1.2 trillion in October 2025. This growth was fueled by aggressive incentive schemes and a market downturn that led to widespread liquidations. The surge represents a notable transformation in the crypto derivatives sector, with platforms such as Lighter,
Aster
, and EdgeX at the forefront. Although Hyperliquid has lost some of its dominance, it continues to play a significant role, even as experts highlight ongoing structural hurdles in this fast-changing industry.
The record-breaking activity for the month was mainly attributed to two factors: trading motivated by incentives and the ripple effects of a major liquidation event. The report notes that leading
perp
DEXs rolled out "points programs" and airdrop-like rewards to entice users, sparking fierce competition and encouraging frequent trading. Additionally, a sharp market decline on October 10 triggered a wave of liquidations, prompting traders to jump back in to recover their losses—a behavior known as "revenge trading." This combination pushed overall trading volumes to nearly twice the previous month's levels, according to the report.
Lighter claimed the top spot, securing 27% of the market by the end of October. Aster, supported by Binance's
BNB
Chain, reported over $270 billion in weekly trading volume, as stated in the report. Hyperliquid, which previously held a 33% market share, saw its influence drop to 10% as competitors advanced. Nevertheless,
DeFi analyst Patrick Scott
believes Hyperliquid's strong fundamentals—including robust revenue, a 62% lead in open interest, and ecosystem growth through initiatives like its USDH stablecoin—make it a more resilient long-term option compared to newer entrants such as Aster and Lighter.
The
Sui
blockchain is also drawing increased interest in the perp DEX arena.
With 700,000 daily active users and $2 billion in TVL already, Sui's ecosystem could see further growth from HyperSui's advanced liquidity solutions and AMM trading model. Analysts suggest that if the bullish trend persists, SUI's price could climb to $11.20, according to the release.
Looking forward, the report anticipates a short-term slowdown in perp DEX trading volumes after October's peak, unless another major liquidation event occurs. Still, ongoing incentive campaigns and growing institutional participation are likely to keep activity above pre-October levels. For now, the perp DEX sector remains highly competitive, with platforms striving to attract traders seeking leverage and liquidity in an increasingly fragmented crypto derivatives market.
