Perpetual decentralized exchanges (perp DEXes) registered $1.049 trillion in monthly volume as of Oct. 24, marking the first time on-chain derivatives markets crossed the $1 trillion threshold and establishing a new benchmark for decentralized trading infrastructure.

DefiLlama data shows roughly $1.241 trillion in 30-day volume as of Oct. 24. Yet on-chain open interest stands at $15.83 billion, a 12% contraction over the past 30 days, likely related to the Oct. 10 washout.

The Oct. 10-11 period delivered the catalyst, following a tariff-driven selloff that produced what CoinGlass termed “the largest liquidation event in crypto history,” wiping out an estimated $19 billion to $30 billion across centralized and decentralized venues.

DefiLlama’s feed captured a record single-day high around Oct. 10, with approximately $78 billion in perp DEX volume, a figure that dwarfs the early-October baseline.

The volatility stemmed from President Donald Trump’s announcement of a 100% tariff on Chinese imports, which triggered massive liquidations in leveraged positions within 24 hours.

That two-day flush kept funding rates elevated and drove sustained activity on derivatives platforms through the following week, mechanically lifting perp turnover and resets across DEX infrastructure.

Rewards kept perpetual trading running

Points programs, airdrop farming, and trading competitions kept users transacting through and after the Oct. 10 washout.

As CoinGecko reported, airdrop farming for tokenless perpetual DEXs increased in popularity in late 2025, as users noted the typically generous airdrop allocations from these platforms.

This is likely why Lighter posted $193.1 billion in monthly volume, while Aster recorded $187.9 billion, as both platforms benefit from the “perp DEX meta.” Despite having a token, Aster has an active rewards campaign as of press time.

Arbitrum’s DRIP initiati

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Author: Gino Matos