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Decentralized perpetual trading volume is set for a massive month in October, having just passed a record $1 trillion with a week to go as traders make big bets on the crypto markets.
The $1 trillion milestone has already surpassed August’s $762 billion record by a significant margin. data by DeFiLlam.
While Hyperliquid leads October with $317.6 billion trading volume, Lighter, Aster, and edgeX also fared well, recording $255.4 billion, $177.6 billion, and $134.7 billion, respectively, with smaller decentralized exchanges making up the rest.
On October 10th alone, these platforms contributed to a record $78 billion in decentralized criminal volume.
Given the current run rate, the volume of decentralized offenders is on track to end October at around $1.3 trillion – nearly double August’s numbers.
The perpetrators became popular because of their 24/7 trading, high leverage, no expiration and the ability to profit from both rising and falling markets – the pull speculative traders seeking higher returns with minimal holding requirements.
CEXs are still the kings of perps, but DEXs are catching up
The trading volume of decentralized criminals remains a fraction of what was seen on centralized exchanges, with Binance and Bybit recording $69.3 billion and $26 billion in trading volume in the last 24 hours, CoinGecko data shows
Related: Hyperliquid Strategies wants $1 billion for more purchases into HYPE
However, that lead is shrinking hard and fast as crypto-innovators continue to create more user-friendly front-ends for crypto-criminal merchants to interact with.
Hyperliquid was a breakthrough protocol, says Infinex founder
Decentralized platforms for criminals have been around for almost a decade, previously led by companies like Synthetix, dYdX, and GMX. However, Hyperliquid was the first to “get it right” and scale successfully, Infinex founder Kain Warwick told Cointelegraph earlier this month.
One of the most used crypto wallets, MetaMask integrated Hyperliquid on October 8, allowing users to access the permanent Hyperliquid swap exchange directly through the app.
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