DEX volume surpasses $1 trillion as investors shift away from CEXs

Trading activity on decentralized exchanges (DEXs) surged to new highs in October, indicating that the global cryptocurrency market continues to shift toward on-chain finance.

Perpetual Derivative DEXs processed over $1.36 trillion in volume in October, an all-time high, surpassing August's $759 billion peak, setting a new benchmark for on-chain trading activity, according to data from defillama .

Hyperliquid Takes the Lead as On-Chain Perpetual Contracts Gain traction

The sharp increase in volume underscores investors’ growing confidence in on-chain platforms. Hyperliquid, a layer-1 blockchain that dominates the perpetual Derivative DEX space, contributed about $299 billion to October’s total volume.

Close behind is Lighter, a DEX on Ethereum with around $265.4 billion, while Binance-affiliated Aster handles around $259.9 billion.

The performance of newcomers like Lighter and Aster shows that traders are moving away from Centralized Exchange and towards decentralized platforms with greater transparency, lower fees, and direct control of assets.

In fact, DEX's share of spot volume compared to CEX has more than doubled, from under 10% last year to over 20% in 2025.

Notably, Hyperliquid is both a driver and a beneficiary of this momentum.

Industry analysts attribute the on-chain boom to a combination of factors. The rise of platforms with better interfaces and incentives, including Airdrop and loyalty programs, has attracted a large number of retail traders.

However, this trend also reflects deeper structural changes. After a series of scandals at centralized exchanges and increasing regulatory scrutiny, many traders now XEM DEXs as a safer place to both self-custody their assets and get early access to new Token .

Still, October's record numbers weren't entirely driven by organic demand.

The surge in volume coincided with about $20 billion in forced liquidations of leveraged positions earlier this month, sparked by President Donald Trump’s suggestion that the U.S. could raise tariffs in response to new Chinese restrictions on rare earth exports.

The remarks sparked a sell-off in risk assets, sending crypto prices tumbling and spurring record trading activity across multiple platforms.

In fact, CoinShares later reported that this market volatility created a record weekly volume of over $53 billion in regulated crypto investment products, like ETFs.