DEX Volume Hits Record As Traders Leave Centralized Exchanges

Trading activity on decentralized exchanges (DEXs) surged to new highs in October, signaling the continued shift of global crypto markets toward on-chain finance.

According to data from DeFiLlama, perpetual DEXs processed more than $1.36 trillion in trading volume last month, the highest level ever recorded. That figure surpassed August’s $759 billion peak, setting a new benchmark for on-chain trading activity.

Hyperliquid Leads as Onchain Perpetuals Gain Traction

The sharp rise in volume underscores growing investor confidence in on-chain platforms. Hyperliquid, a layer-1 blockchain that has dominated the perpetual DEX landscape, accounted for roughly $299 billion of October’s total.

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Close behind was Lighter, an Ethereum-based DEX that handled about $265.4 billion, while Binance-linked Aster processed around $259.9 billion.

The performance of newer players such as Lighter and Aster shows that traders are steadily migrating away from centralized exchanges (CEXs). They are turning instead to decentralized venues that offer greater transparency, lower fees, and direct control over their assets.

Indeed, DEX to CEX spot trade volume share has more than doubled from under 10% last year to more than 20% in 2025

Notably, Hyperliquid has been both a driver and a beneficiary of that momentum.

Industry analysts attribute this on-chain boom to several intertwined factors. The rise of platforms offering improved interfaces and incentives, including airdrops and points programs, has drawn retail traders in droves.

Yet the trend also reflects deeper structural shifts. Following repeated centralized exchange scandals and increasing regulatory scrutiny, many traders now view DEXs as safer venues that maintain custody and provide earlier access to new tokens.

Still, October’s record numbers were not purely organic.

The surge in volume coincided with roughly $20 billion in forced liquidations across leveraged positions early in the month. That wave was triggered after President Donald Trump stated that the US might raise tariffs in response to China’s new restrictions on rare-earth exports.

The comment sparked a broad sell-off in risk assets, driving crypto prices lower and prompting a record wave of trading activities across platforms.

Indeed, CoinShares later reported that the resulting market turbulence generated a record weekly trading volume of over $53 billion in regulated crypto investment products, such as ETFs.