Perpetual DEX trading volume hit an all-time high of $1.2T in October, nearly doubling September’s total.
> The surge was driven by aggressive incentive programs and a major Oct. 10 liquidation wave that triggered heavy trading activity.
> Lighter led the market with a 27% share, overtaking Hyperliquid, whose volume fell 16% below its peak and market share dropped to 10% from 33% last month.
> Other major gainers included Aster, EdgeX, Pacifica, and ApeX, all recording record volumes.
> Analysts attribute the boom to ongoing points and airdrop programs, zero-fee trading designs, and post-liquidation “revenge trading” behavior.
> While volumes are expected to cool in coming months, analysts expect a higher baseline supported by continued trading incentives.
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