Perpetual DEX Markets Gain Higher Market Share from Rivals, Hit New ATH of $1.241T Monthly Trading Volume

The decentralized perpetual trading market is witnessing an unparalleled surge of transaction activity and a redefining of its competitive sector, as disclosed today by market analyst Satoshi Club. Over the past 30 days, perpetual trading volume on decentralized exchanges (DEXs) climbed to a new ATH of $1.241 trillion, noted on October 24, 2025, yesterday, on Friday. This highlights rejuvenated user interest in the DeFi derivatives markets.

Since early September 2025, the global perpetual DEX monthly trading volume has exceeded $52 billion, a 530% surge since the start of the year. The catalysts behind this uptrend include success in technological advancements and rising customer demand for DeFi offerings.

Technological Catalyst Behind DeFi Perps Gain

The explosive growth of the decentralized perpetual exchange markets makes the sector one of the most quickly growing segments in the cryptocurrency industry. The sector now accounts for 26% of the crypto derivatives markets, posing an increasing challenge to centralized derivatives providers. The market share of the sector has been widening rapidly due to investors flocking to decentralized projects that provide similar products to centralized exchanges while enforcing more robust transparency and security controls.

Decentralized perpetual exchanges are DeFi protocols specialized for perpetual futures, enabling customers to cross-margin tokens with up to 1000x leverage. Their surge in popularity indicates a fundamental change in crypto market structure, indicating users increasingly prefer decentralized platforms.

Reaching a new ATH of $1.241 trillion in trading volume makes DeFi perpetual exchanges surpass the $762 billion record noted in August, more than two months ago. The rate at which perpetual trading is growing signifies that decentralized perpetual exchanges are gaining greater user interest and attracting more speculative traders. Their advanced tech offerings (high leverage, 24/7 trading, no expiration, and traders’ capability to take advantage of both declining and surging markets to make profits) explain the reason for the increasing traction.

The change is mainly because of blockchain technology. Emerging decentralized perpetual protocols offer a more seamless and secure platform for crypto transactions, filling the gap associated with throughput limitations of the L1 Layer networks. In comparison to traditional centralized exchanges, decentralized exchanges offer greater fairness and transparency while maintaining the security of customer assets.

According to the latest data from market analyst CryptoRank.io, Hyperliquid, Lighter, and Aster are the top three decentralized exchanges that led in perpetual trading volume over the past 30 days. Hyperliquid registered $316.383 billion, Lighter came second with $260 billion, while Aster recorded $178.27 billion in perpetual volume during the period.

CEXs Still Dominant in Perps Trading Volume

Despite the rise, centralized exchanges still process most perpetual trading volume compared to decentralized exchanges. On-chain metrics show that Binance is the largest centralized exchange offering perpetual futures for trading, followed by Bybit, Gate.io, and others.