Decentralized Exchanges Hit $1 Trillion Monthly Volume Amid Market Turmoil

Perpetual decentralized exchanges (perp DEXes) have shattered records, processing $1.049 trillion in monthly volume as of October 24. This milestone marks the first time on-chain derivatives markets have breached the $1 trillion threshold, underscoring the growing dominance of decentralized trading infrastructure.

The surge was fueled by extreme volatility following President Donald Trump's announcement of a 100% tariff on Chinese imports. The October 10-11 period saw what CoinGlass described as "the largest liquidation event in crypto history," with an estimated $19 billion to $30 billion wiped out across centralized and decentralized platforms.

DefiLlama data reveals a staggering $78 billion in single-day perp DEX volume around October 10, dwarfing early-October baselines. While 30-day volume reached $1.241 trillion, open interest contracted 12% to $15.83 billion, likely reflecting the aftermath of the mid-month washout.

Points programs, airdrop farming, and trading competitions maintained user engagement throughout the turbulence. The event demonstrated decentralized infrastructure's capacity to handle unprecedented trading volumes during market crises.