In October, Perp DEX trading volume set a $1.2 trillion record, while ETH mainnet stablecoin volume also hit a record $2.82 trillion. In October 2025, the total trading volume of decentralized perpetual exchanges (Perp DEXs) reached a record $1.2 trillion. > Month-over-Month (MoM) Growth: This represents an approximate 62% increase compared to September's $739 billion. > Market Leader: Lighter emerged as the new market leader, capturing 27% of the market share with a trading volume of approximately $324 billion. > Hyperliquid Market Share Change: Hyperliquid's market share saw a significant decline from 33% in September to 10% in October, with its trading volume at approximately $120 billion. > Other Major Platforms: Other platforms, including Aster, EdgeX, Pacifica, and ApeX, collectively accounted for the remaining 63% of the market share, with a combined trading volume of approximately $756 billion. Among these, Aster's trading volume data is considered less credible due to disputes over wash trading. > Peak Daily Volume: Influenced by high market volatility, the single-day trading volume reached a record $78 billion on October 10.

In October 2025, on-chain stablecoin trading volume on the Ethereum mainnet reached $2.82 trillion, breaking the previous record of $1.94 trillion set in September, marking a 45% MoM increase. > Of this total, USDC volume was $1.62 trillion, USDT was $895.5 billion, and DAI was approximately $136 billion. > Stablecoin transactions on Ethereum have become the largest source of revenue for on-chain crypto protocols, accounting for 65%-70% of the total daily average revenue. > Contributing factors include the Circle IPO, the passing of the Genius Act, and the high popularity of various innovative yield-bearing DeFi products. Significant capital has flowed into stablecoins for liquidity management and to await market-bottom opportunities. Ethereum DEX (decentralized exchange) cumulative trading volume for October set a new high of $613.3 billion; within this, Uniswap's monthly volume was $165 billion, and PancakeSwap's was $96 billion. The share of DEX trading volume within the overall crypto market volume increased from 18.8% in September to 19.8% in October, indicating the continuous expansion of the decentralized ecosystem.

Insights and Analysis Both Perpetual DEXs and stablecoins on the Ethereum mainnet demonstrate a structural breakthrough in on-chain financial activities. The on-chain derivatives market, after multiple rounds of innovation, incentive-driven competition, and structural adjustments, has seen its single-month trading volume climb to the $1.2 trillion level. This shows that decentralized derivatives have officially moved from a niche innovation to a mainstream ecosystem, directly challenging centralized exchanges. Ethereum's role as DeFi infrastructure is further solidified. In October, on-chain stablecoin circulation reached a new all-time high of $2.82 trillion, firmly establishing its position as the "crypto banking settlement layer." With the expansion of "yield-bearing DeFi," cross-chain aggregation, and stablecoin coverage, the mainnet's liquidity is showing a deeper institutional transformation. In the future, OKX Ventures will continue to focus on the following directions for DEXs: cross-chain integration and unification of liquidity and user experience; innovation in capital efficiency and risk management tools; and the further institutionalization and compliance of on-chain trading and settlement.