Perp DEX volumes hit record $1.2 trillion in October as incentives, liquidations drive surge

Total trade volume for perpetual futures (perp) Decentralized Exchanges (DEXs) hit an all-time high of $1.2 trillion in October, nearly doubling the previous month's total, with platforms like Lighter, Aster, EdgeX, Pacifica, and ApeX leading the surge with record monthly volumes. This massive increase is attributed primarily to two factors: widespread incentive programs, such as "points programs" expected to convert into airdrops, and the significant market selloff on October 10th, which triggered large-scale liquidations across long and short perpetual positions. While Hyperliquid saw its market share decline significantly, Lighter emerged as the new market leader with a 27% share. Although volumes are expected to cool off from October's peak in the coming months, the baseline volume should remain higher than pre-October levels due to the sustained incentive structures.

(Source：The Block)