October marked a historic moment in the decentralized finance (DeFi) space as the trading volume for perpetual contracts (perps) crossed the $1 trillion milestone for the first time ever. This record-breaking performance signals a major shift in trader preferences, with more users opting for decentralized platforms over centralized exchanges.
DeFi perps, which are derivatives allowing users to speculate on asset prices without expiry dates, have seen tremendous growth in 2025. This surge in activity reflects both rising confidence in DeFi protocols and the growing demand for transparent, permissionless financial tools.
Hyperliquid, Lighter, and Aster Dominate the Market
At the forefront of this milestone was Hyperliquid, which alone accounted for $317.6 billion in trading volume during October. The protocol’s performance reflects strong user engagement and liquidity — key factors in attracting high-frequency and institutional traders.
Lighter came in second, facilitating $255.4 billion in trades, while Aster followed closely with $177.6 billion. Together, these three platforms contributed over 70% of the total DeFi perps volume for the month.
This rapid growth demonstrates the scalability and competitiveness of DeFi platforms. With continued innovation in areas like user interface, gas fee optimization, and trading incentives, the trend appears far from slowing down.
UPDATE: DeFi perps volume surpasses $1T in October, setting a new record, with Hyperliquid leading at $317.6B followed by Lighter ($255.4B) and Aster ($177.6B). pic.twitter.com/gF7WdgSsfz
— Cointelegraph (@Cointelegraph) October 24, 2025
Why This Matters for Crypto Markets
The $1 trillion volume milestone isn’t just a number—it’s a signal that decentralized derivatives markets are maturing and gaining traction. Unlike centralized counterparts, DeFi perps offer transparency, custody-free trading, and global access.
The strong performance of DeFi perps may also encourage more development and investment into the space. As regulation and security improve, it’s likely that DeFi will further chip away at centralized market dominance in the months ahead.