The trading volume of decentralized perpetual contracts experienced a massive surge in October, recently surpassing a record-breaking $1 trillion, with a week left until the end of the month, as traders place big bets in the cryptocurrency market.
According to data from DeFiLlama, the $1 trillion milestone has significantly exceeded the previous record of $762 billion set in August.
While Hyperliquid leads October with a trading volume of $317.6 billion, Lighter, Aster, and edgeX also performed well, recording trading volumes of $255.4 billion, $177.6 billion, and $134.7 billion, respectively, with the remainder contributed by smaller decentralized exchanges.
On October 10 alone, these platforms set a record for decentralized perpetual contract trading volume at $78 billion.
At the current growth rate, the trading volume of decentralized perpetual contracts is expected to reach approximately $1.3 trillion in October—almost double the data from August.
Perpetual contracts are popular due to their 24/7 trading, high leverage, no expiration date, and the ability to profit from both rising and falling markets—attracting speculative traders seeking higher returns with minimal position requirements.
The trading volume of decentralized perpetual contracts still represents only a small fraction of centralized exchanges, with CoinGecko data showing that Binance and Bybit had trading volumes of $69.3 billion and $26 billion, respectively, in the past 24 hours.
However, as cryptocurrency innovators continue to build more user-friendly front-end interfaces for crypto perpetual contract traders, this lead is rapidly narrowing.
Decentralized perpetual contract platforms have existed for nearly a decade, initially dominated by platforms like Synthetix, dYdX, and GMX. However, Hyperliquid is the first platform to "get it right" and successfully scale, Kain Warwick, founder of Infinex, told Cointelegraph earlier this month.
One of the most widely used crypto wallets, MetaMask, integrated Hyperliquid on October 8, allowing users to access Hyperliquid's perpetual swap exchange directly through its application.
Related: The number of meme coins in the U.S. market hits a record: From speculative bubbles to narrative assets, blockchain has sparked a "全民造币运动" (everyone's minting movement).
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