[Perp DEX Trading Volume Reaches Record High of $1.2 Trillion in October 2025] In October 2025, the total trading volume of decentralized perpetual contract exchanges (perp DEX) reached $1.2 trillion, setting a new historical record and nearly doubling compared to the previous month. Lighter ranked first with approximately 27% market share, while Hyperliquid's market share dropped from 33% to 10%. The surge in trading volume was primarily driven by platform incentive mechanisms and the wave of liquidations triggered by extreme market volatility on October 10, prompting traders to accelerate trading frequency to offset losses.