According to Odaily Planet Daily, in October 2025, the total trading volume of decentralized perpetual contract exchanges (perp DEX) surged to a record $1.2 trillion, nearly doubling from the previous month. The growth was primarily driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and Apex. Lighter led the pack with approximately 27% market share, while Hyperliquid's market share dropped from 33% in the previous month to 10%.

The surge in trading volume was primarily driven by two factors: first, incentive mechanisms such as "points programs" launched by various platforms; and second, the wave of liquidations triggered by the sharp market fluctuations on October 10th, which forced both long and short positions to be closed out simultaneously. Following the event, many traders increased their trading frequency to recoup losses.