Crypto: Perpetual contracts cross the $1.3 trillion mark in October

In October, decentralized platforms reached a historic milestone. More than $1.3 trillion in perpetual contracts were traded in one month. A symbolic threshold, never reached before, which illustrates a profound shift in the crypto ecosystem. Long dominated by centralized platforms, the derivatives market is seeing a new dynamic emerge, driven by DeFi. This meteoric progression is not a coincidence, but a structural change in the uses, tools and confidence of traders.

A record month for DEXs: the game-changing numbers

This October marks a turning point for crypto derivatives, as Trump's tariffs have wreaked havoc on the market. According to DeFiLlama data, decentralized perpetual contracts (DEX perps) crossed for the first time the symbolic bar of 1,000 billion dollars in monthly volumereaching precisely 1.3 trillion dollars.

This figure is almost double the volume seen in September, which stood at $738 billion. At the same time, open interest (OI) on perpetual contracts peaked at around $17.9 billion, an indicator of the rise of these instruments in on-chain markets.

Several factors explain this spectacular growth in volume on DEXs. Here are the main ones:

• The rise of new players: platforms like Hyperliquid, Lighter and EdgeX, deployed on Ethereum or Arbitrum, have taken over in a context of partial disengagement from centralized platforms;

• The regulatory context on CEXs: the increase in compliance requirements and the reduction of market-making activities on centralized platforms have diverted part of the liquidity towards decentralized alternatives;

• The change in user profile: Juan Pellicer, researcher at Sentora, precise that DEXs now meet the needs of “long tail” traders, slower or less active profiles, thanks to adapted execution models;

• The structural advantages of DEXs: the transparency, composability and openness of on-chain protocols allow greater flexibility and attract users seeking autonomy.

This combination of technical innovations, regulatory adjustments to CEXs and increasing maturity of decentralized protocols has allowed DEXs to reach a symbolic and strategic milestone. They are no longer just an alternative, as they become a central player in the crypto derivatives market.

Between monetary policy and market shock: the catalysts for massive migration

Beyond the organic growth of the sector, certain economic elements contributed to this surge in volumes in October. In particular, the second interest rate cut decided this year by the American Federal Reserve played an amplifying role.

By reducing short-term rates, the Fed makes fully funded spot investments less attractive, while increasing the implied value of collateral used for leveraged products. Thus, perpetual contracts become mechanically more competitive, which strengthens their appeal to investors looking for yield.

However, it was undoubtedly the episode of October 10, 2025 which crystallized this trend. That day, an announcement from Donald Trump regarding new taxes on China caused a widespread crash on the crypto markets.

This situation led to the largest wave of liquidations recorded to date. Centralized platforms experienced slowdowns and even outages, forcing many traders to turn to DEXs. The volume traded on decentralized perpetual markets that day reached $78 billion, an all-time daily high.

The rise of DEXs on perpetual contracts marks a turning point for the crypto market. Driven by the economic situation and structural developments, this dynamic could sustainably redefine the balance between centralized finance and DeFi, while posing new challenges in terms of regulation, transparency and resilience.