DEX Trading Volume Hits Record $1.36 Trillion as Investors Move Away From CEXs

TLDR

• DEXs processed a record $1.36 trillion in volume during October 2025.
• Hyperliquid led the DEX market with $299 billion in trading volume.
• Forced liquidations in October pushed crypto trading volumes to new highs.
• DEX to CEX spot trade share more than doubled, surpassing 20% in 2025.

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In October 2025, decentralized exchanges (DEXs) set a new record with over $1.36 trillion in trading volume. This figure marks a significant shift in the cryptocurrency market, as traders increasingly move away from centralized exchanges (CEXs) in favor of decentralized platforms. The spike in activity reflects both growing investor confidence in DEXs and market conditions that prompted significant trading surges.

Record Volume Driven by On-Chain Trading Growth

The total trading volume of perpetual decentralized exchanges in October surpassed $1.36 trillion, according to data from DeFiLlama. This surpasses the previous high recorded in August, which stood at $759 billion.

The volume in October highlights a continued trend of growth in on-chain trading as investors look for more transparent and secure ways to manage their assets. Platforms like Hyperliquid, Lighter, and Aster were key players, leading the surge in decentralized trading.

Hyperliquid, a Layer-1 blockchain platform, processed approximately $299 billion of the total volume, making it the largest contributor to the rise. Following closely behind were Lighter and Aster, which processed $265.4 billion and $259.9 billion, respectively. The high levels of activity on these platforms underscore a trend where traders are increasingly looking to DEXs for better transparency and lower fees compared to traditional centralized exchanges.

Forced Liquidations Fuel Record Trading Activity

While the rise in trading volumes is largely attributed to the growing preference for decentralized platforms, the market conditions in October also played a role in driving activity.

Market volatility, sparked by U.S. President Donald Trump’s comments on potential tariffs against China, triggered a massive wave of forced liquidations in leveraged positions. Approximately $20 billion in forced liquidations were recorded across crypto markets, which further amplified trading activity.

These liquidations created a sharp sell-off in the market, pushing crypto prices lower and creating opportunities for high-volume trading. The resulting market turbulence coincided with a surge in trading across both DEXs and centralized platforms, as traders reacted to the volatility. CoinShares later reported that this event contributed to a record weekly trading volume of over $53 billion in regulated crypto investment products, such as exchange-traded funds (ETFs).

The Ongoing Shift From CEXs to DEXs

The increased activity on decentralized exchanges is part of a broader trend of shifting away from centralized exchanges. In recent years, several scandals and regulatory challenges faced by major CEXs have pushed traders to seek alternatives that offer greater control over their assets. Many investors now see DEXs as safer options, as they allow users to retain custody of their funds and avoid the risks associated with centralized platforms.

The share of spot trade volume between DEXs and CEXs has been steadily increasing. According to industry reports, the market share of DEXs in spot trading volume has more than doubled from less than 10% last year to over 20% in 2025.

This shift reflects the growing confidence in decentralized finance and the continuous improvements made by platforms to attract new users. With enhanced user interfaces and added incentives, such as airdrops and points programs, DEXs have become increasingly appealing to retail traders.

DEXs Gaining Market Share Amid Regulatory Pressures

The growth in DEX volumes is also seen as a response to increasing regulatory scrutiny on centralized platforms. With heightened concerns about security and transparency, more investors are looking to decentralized exchanges as a safer alternative.

DEXs provide a level of transparency and control over assets that many traders find more reassuring, especially given the regulatory challenges faced by centralized exchanges in various markets.

As the market matures, it is expected that decentralized exchanges will continue to grow in prominence. The ongoing shift toward on-chain finance represents a long-term trend, as investors seek platforms that provide greater security, transparency, and autonomy over their funds.

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