Decentralized Perpetual Futures Volume Surges to $1.3T in October
October saw decentralized perpetual futures volume reach a record $1.3 trillion, nearly doubling September’s $738 billion. Open interest climbed to $17.9 billion as liquidity shifted from CEXs like Binance to DEX perps protocols such as Hyperliquid, Lighter and EdgeX on Ethereum and Arbitrum.
A Fed rate cut lowered USD funding costs, driving traders to leverage perpetual contracts for cost-efficient exposure over fully funded spot positions. Market turbulence on October 10 triggered a single-day perps volume peak of $78 billion, underscoring DEX perps’ resilience and transparency.
This surge in trading volume and open interest indicates rising demand for on-chain derivatives. The milestone highlights growing market depth, composability and platform maturity in decentralized perpetual futures, offering traders expanded leverage and risk-management opportunities.
Bullish
Record trading volume and open interest in decentralized perpetual futures signal robust trader demand for leverage and cost-efficient exposure, especially after the Fed rate cut lowered USD funding costs. In the short term, the surge to $1.3 trillion and a $78 billion single-day peak during market turbulence demonstrate DEX perps’ resilience, likely supporting token prices of core networks like Ethereum and Arbitrum. Over the long term, sustained migration from CEXs to on-chain derivatives platforms will deepen liquidity, strengthen composability and foster continued bullish momentum across DeFi derivatives markets.