In October, trading volume on perp-DEX reached a record $1.3 trillion—nearly double that of September.
The main contributors were platforms Hyperliquid, Lighter, Aster, EdgeX, Pacifica, and ApeX.
Analysts from The Block identified two reasons for the sector’s growth. The first is incentive programs: most major exchanges have launched point systems that users hope to exchange for airdrops in the future.
The second reason is the October market downturn, which triggered mass liquidations of positions. Some traders attempted to recover losses, leading to increased trading activity.
Other factors also contributed to the rise of individual platforms: Lighter attracts traders with zero fees, while Aster benefits from support within the BNB Chain ecosystem.
Experts anticipate a decline in trading activity in the coming months. However, volumes are expected to remain higher than pre-October levels, thanks to incentive programs.
Interest in the Sector
Startup Liquid raised $7.6 million in a seed funding round led by Paradigm, with participation from General Catalyst and several angel investors.
Liquid is a non-custodial aggregator app for perp-DEX, combining platforms like Hyperliquid, Lighter, and Ostium into a single interface. According to founder Franklin Wong, the project’s goal is to provide retail users with institutional-grade tools.
The app is mobile-focused and sends notifications, such as risk of position liquidation. The project earns a small additional fee on trades. Within weeks of launch, trading volume through Liquid exceeded $500 million.
The platform also offers vaults with yields of around 7% annually and supports integration of point systems from various projects.
New Entrants
The Astros project has launched a perp-DEX on the Sui network. The total value locked in the ecosystem exceeds $2.6 billion.
Astros launches perpetual DEX on Sui as chains race to capture trillion-dollar derivatives market
New York, United States, October 24th, 2025, Chainwire
Astros today launched its perpetual DEX on Sui, a network that has scaled to $2.6 billion in total… https://t.co/FOukPFGK5M
— Press Releases (@press_newswire) October 24, 2025
“Perpetual contract DEXs have become a true test for blockchains’ ability to support real financial infrastructure. Sui’s performance advantage gives us a foundation to compete at the highest level,” said Astros founder Jerry Liu.
A key advantage of Astros is its direct integration with the lending protocol NAVI Protocol, which provides access to $1 billion in capital. According to developers, this combination creates a cycle: trading activity generates real returns for lenders, while their funds provide traders with necessary liquidity.
The platform is already integrated with wallets from OKX, Binance, KuCoin, and Gate.
For the first time in history, the monthly trading volume on decentralized perpetual futures exchanges exceeded $1 trillion.