DEX Volumes Surge Past $1 trillion Amid Investor Shift From CEXs
Trading exercise on decentralized exchanges (DEXs) surged to new highs in October, signaling the continued shift of worldwide crypto markets towards on-chain finance.
According to information from DeFiLlama, perpetual DEXs processed greater than $1.36 trillion in buying and selling quantity final month, the best stage ever recorded. That determine surpassed August’s $759 billion peak, setting a brand new benchmark for on-chain buying and selling exercise.
Hyperliquid Leads as Onchain Perpetuals Gain Traction
The sharp rise in quantity underscores rising investor confidence in on-chain platforms. Hyperliquid, a layer-1 blockchain that has dominated the perpetual DEX panorama, accounted for roughly $299 billion of October’s complete.
Close behind was Lighter, an Ethereum-based DEX that dealt with about $265.4 billion, whereas Binance-linked Aster processed round $259.9 billion.
The efficiency of newer gamers comparable to Lighter and Aster reveals that merchants are steadily migrating away from centralized exchanges (CEXs). They are turning as an alternative to decentralized venues that provide larger transparency, decrease charges, and direct management over their belongings.
Indeed, DEX to CEX spot commerce quantity share has greater than doubled from below 10% final 12 months to greater than 20% in 2025
Notably, Hyperliquid has been each a driver and a beneficiary of that momentum.
Industry analysts attribute this on-chain growth to a number of intertwined components. The rise of platforms providing improved interfaces and incentives, together with airdrops and factors applications, has drawn retail merchants in droves.
Yet the development additionally displays deeper structural shifts. Following repeated centralized exchange scandals and rising regulatory scrutiny, many merchants now view DEXs as safer venues that preserve custody and supply earlier entry to new tokens.
Still, October’s file numbers weren’t purely natural.
The surge in quantity coincided with roughly $20 billion in pressured liquidations throughout leveraged positions early within the month. That wave was triggered after President Donald Trump said that the US would possibly raise tariffs in response to China’s new restrictions on rare-earth exports.
The remark sparked a broad sell-off in danger belongings, driving crypto costs decrease and prompting a file wave of buying and selling actions throughout platforms.
Indeed, CoinShares later reported that the ensuing market turbulence generated a file weekly buying and selling quantity of over $53 billion in regulated crypto funding merchandise, comparable to ETFs.
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