Record on-chain perpetual futures volume tops $1 trillion in October

Decentralized exchanges for perpetual futures surpassed $1 trillion in monthly trading volume in October, marking a record high for onchain derivatives trading as volatility swept crypto markets. DeFiLlama data show the milestone was reached with a week still to play out, and at the current pace October’s total was on track to approach roughly $1.3 trillion by month end.

The surge was led by Hyperliquid, which accounted for about $317 billion of the month’s volume, followed by Lighter, Aster and edgeX, each posting hundreds of billions in activity, according to aggregated platform figures. Perpetual contracts, which permit 24/7 trading with high leverage and no expiration, have drawn traders seeking to profit from both rising and falling markets and contributed to an onchain single-day record of roughly $78 billion on October 10.

Market turbulence around October 10 amplified activity. A sharp crypto price drop that week triggered large forced liquidations across centralized and decentralized venues, with estimated liquidations in the tens of billions of dollars. Onchain data show Hyperliquid executed roughly 1,000 liquidations that day, with more than 200 wallets losing over $1...