Hyperliquid Drives DEX Growth as Perpetual Trading Volume Reaches $1 Trillion in Record-Setting October

Hyperliquid Drives DEX Growth as Perpetual Trading Volume Reaches $1 Trillion in Record-Setting October

Decentralized perpetual trading has achieved a remarkable milestone, surpassing $1 trillion in monthly volume for the first time, with still a week left in October.

Key Takeaways:

October marked a record month for decentralized perpetual trading, with volumes exceeding $1 trillion.
Hyperliquid spearheaded this growth, facilitating over $317 billion in trades, which included a peak daily trading volume of $78 billion.
The gap between decentralized exchanges (DEXs) and centralized exchanges (CEXs) is closing as DEXs enhance speed, liquidity, and user accessibility.

This rise highlights the increasing interest in leveraged cryptocurrency trading and a noticeable shift toward on-chain derivatives platforms.

According to DeFiLlama, the trading activity in October has easily surpassed the previous record of $762 billion set in August, reflecting an incredible 30% month-on-month increase.

Hyperliquid Leads the Charge as Daily Perpetual Volume Reaches $78 Billion

Hyperliquid has taken the lead in this booming market, having executed $317.6 billion in trades to date, followed closely by Lighter ($255.4 billion), Aster ($177.6 billion), and edgeX ($134.7 billion).

On October 10 alone, decentralized exchanges collectively achieved an outstanding $78 billion in trading volume.

If this momentum continues, decentralized perpetual platforms are expected to conclude the month with around $1.3 trillion, nearly doubling the previous all-time record.

The increasing popularity of perpetual swaps—derivatives that let traders speculate on price fluctuations without owning the asset—can be attributed to their appealing features, such as 24/7 trading, high leverage, and no expiration dates.

Despite this growth, DEXs remain significantly behind centralized exchanges like Binance and Bybit, which reported daily volumes of $69.3 billion and $26 billion, respectively, according to CoinGecko.

Analysts observe, however, that DEXs are closing the gap as they enhance user interfaces, execution speed, and access to liquidity.

Industry experts praise Hyperliquid for successfully bringing decentralized perpetual trading to the forefront. "It was the first to really get it right and scale effectively," commented Kain Warwick, the founder of Infinex.

The platform's momentum further accelerated after its integration with MetaMask on October 8, allowing users to trade perpetual swaps directly from their wallets.

This record-breaking month illustrates the ongoing evolution of decentralized finance, with perpetual trading emerging as one of its most rapidly expanding sectors.

Hyperliquid Strategies Plans to Raise $1 Billion to Become Leading HYPE Token Holder

In related news, Hyperliquid Strategies has submitted a proposal to the US Securities and Exchange Commission (SEC) to raise up to $1 billion. The funds are intended to enhance its cryptocurrency portfolio and acquire additional HYPE tokens.

This move is a significant step in the firm's effort to solidify its foothold in the decentralized derivatives sector.

Chardan Capital Markets is advising on the offering, which aims to issue up to 160 million shares of common stock.

The company will result from a merger between Sonnet BioTherapeutics and Rorschach I LLC, a Special Purpose Acquisition Company (SPAC) deal that will create the new Hyperliquid Strategies entity.

Once finalized, David Schamis will become CEO, while Bob Diamond, the former Barclays chief, will assume the role of chairman.

Following the news of this filing, HYPE token prices surged by 8% to $37.73, despite a slight downturn in the overall cryptocurrency market.

Upon completion of the merger, Hyperliquid Strategies is projected to hold 12.6 million HYPE tokens valued at approximately $470 million, along with $305 million in cash earmarked for further acquisitions, positioning it as the largest corporate holder of HYPE tokens.