DEX Perpetual Trading Hits Record High, Led by Hyperliquid

Decentralized exchanges (DEXs) are experiencing a surge in popularity, with perpetual trading volume exceeding $1 trillion in October for the first time. This milestone highlights the growing adoption of on-chain derivatives platforms.

Key Takeaways:

• Record Volume: Decentralized perpetual trading volume surpassed $1 trillion in October.
• Hyperliquid's Lead: Hyperliquid emerged as a dominant player, processing over $317 billion in trades.
• Narrowing the Gap: DEXs are closing the gap with centralized exchanges (CEXs) as they improve user experience and accessibility.
• HYPE Token Surge: News of Hyperliquid Strategies' plans to acquire more HYPE tokens boosted its price.

Hyperliquid Spearheads the DEX Revolution

Hyperliquid has become a leading force in the decentralized perpetual trading space. The platform recorded over $317 billion in trades. Other notable DEXs included Lighter, Aster, and edgeX. On October 10th, DEXs collectively saw a record $78 billion in trading volume.

The popularity of perpetual swaps is fueled by their flexibility: 24/7 trading, high leverage, and no expiration dates.

DEXs vs. CEXs: The Competition Heats Up

While DEXs are making significant strides, they still trail behind CEXs like Binance and Bybit in terms of overall trading volume. However, improvements in user interfaces, execution speed, and liquidity are attracting more traders to decentralized platforms.

The integration of Hyperliquid with MetaMask has further boosted its appeal, allowing users to trade directly from their wallets.

Hyperliquid Strategies Plans $1 Billion Raise

Hyperliquid Strategies has filed with the SEC to raise up to $1 billion, with the goal of expanding its crypto holdings and acquiring more HYPE tokens. This move signals the firm's commitment to strengthening its position in the decentralized derivatives market.

The company will be formed through a merger with Sonnet BioTherapeutics and Rorschach I LLC. Following the merger, Hyperliquid Strategies is expected to become the largest corporate holder of HYPE tokens.