DEX Trading Its All-time High In October 2025

In October, decentralized platforms reached a historic milestone. More than $1.3 trillion in perpetual contracts were traded in one month. A symbolic threshold, never reached before, illustrating a profound shift in the crypto ecosystem. Long dominated by centralized platforms, the derivatives market is witnessing a new dynamic, driven by DeFi. This rapid growth is not by chance but the result of a structural change in usage, tools, and trader confidence.

A record month for DEXs : the numbers that change the game

This October marks a turning point for crypto derivatives, as Trump’s tariffs sowed chaos in the market. According to DeFiLlama data, decentralized perpetual contracts (DEX perps) surpassed for the first time the symbolic $1,000 billion monthly volume mark, reaching precisely $1.3 trillion.

This figure represents nearly double the volume observed in September, which stood at $738 billion. Meanwhile, the open interest (OI) on perpetual contracts peaked at around $17.9 billion, an indicator of the rising importance of these instruments on on-chain markets.

Several factors explain this spectacular growth in volume on DEX. Here are the main ones :

• The rise of new players : platforms like Hyperliquid, Lighter, and EdgeX, deployed on Ethereum or Arbitrum, have taken over in a context of partial disengagement from centralized platforms ;

• The regulatory context on CEX : increased compliance requirements and reduced market-making activities on centralized platforms have redirected some liquidity toward decentralized alternatives ;

• The change in user profiles : Juan Pellicer, a researcher at Sentora, specifies that DEXs now meet the needs of the “long tail” of traders, slower or less active profiles, thanks to adapted execution models ;

• The structural strengths of DEX : transparency, composability, and the openness of on-chain protocols allow greater flexibility and attract users seeking autonomy.

This combination of technical innovations, regulatory adjustments on CEX, and growing maturity of decentralized protocols has allowed DEX to cross a symbolic and strategic milestone. They are no longer just an alternative, as they become a central player in the crypto derivatives market.

Between monetary policy and market shock: catalysts of a massive migration

Beyond the organic growth of the sector, some cyclical elements contributed to this surge in volumes in October. In particular, the second interest rate cut made this year by the U.S. Federal Reserve played an amplifying role.

By lowering short-term rates, the Fed makes fully funded spot investments less attractive, while increasing the implied value of collateral used for leveraged products. Thus, perpetual contracts become mechanically more competitive, enhancing their appeal to yield-seeking investors.

However, it is probably the October 10, 2025 episode that crystallized this trend. On that day, an announcement by Donald Trump about new tariffs on China triggered a widespread crash in crypto markets.

This situation led to the largest wave of liquidations recorded to date. Some centralized platforms experienced slowdowns and even outages, forcing many traders to turn to DEX. The volume traded on decentralized perpetual markets that day reached $78 billion, a historic daily record.

The rise of DEX on perpetual contracts marks a turning point for the crypto market. Driven by both conjunctural factors and structural changes, this dynamic could sustainably redefine the balance between centralized finance and DeFi, while raising new challenges in regulation, transparency, and resilience.