DEX Trading Volume Hits Record $613 Billion in October

• DEX trading volume surged to $613.3B in October, up sharply from September’s $500B.
• Perpetual DEX trading topped $1.3T, led by Hyperliquid, Aster, and Lighter platforms.
• Stablecoin transactions on Ethereum hit a record $2.82T, rising 45% month over month.

Trading activity on decentralized exchanges (DEXs) surged to record levels in October, reaching $613.3 billion. The increase was a sharp rise from September’s $500 billion, according to DefiLlama data, showing the growing migration of traders toward on-chain markets following sharp price swings earlier in the month.

Activity Accelerates Amid Market Volatility

Uniswap topped decentralized exchange trading in October with $165.9 billion in volume, rising from $106.5 billion in September. PancakeSwap came next with $96.9 billion, up from $79.8 billion the month before. 

Vincent Liu, Chief Investment Officer at Kronos Research, said traders have turned to on-chain not only for self-custody but also for liquidity mining and airdrops, offering higher engagement.

Meanwhile, perpetual trading on DEXs also set new records. Total perpetual contract trading hit over $1.3 trillion in October. Hyperliquid led the way with $285 billion, followed by Aster with $281 billion, and Lighter with $266 billion. 

These platforms drew in traders who wanted clear leverage options and quick transactions, especially during times of market volatility. However, analysts said the record activity came partly from sharp market moves.  

Min Jung, a research associate at Presto Research, noted that the market drop on October 10 led to intense trading as investors adjusted positions. She added that further volatility could sustain this high trading pace if new macroeconomic drivers emerge in the coming weeks.

Centralized Exchanges Also See Rising Volumes

Centralized exchanges (CEXs) resemble the DEX surge, with total trading volume hitting $2.17 trillion in October, the highest since January 2025. That was a 28% increase from September’s $1.69 trillion. 

Binance maintained its lead with $810.4 billion in monthly trades, compared with $636.5 billion in the prior month. Gate ranked second at $175.6 billion, followed by Bybit with $156.9 billion and Bitget with $134.7 billion.

The DEX-to-CEX trading ratio climbed to 19.84% in October from 18.83% in September, according to DefiLlama. This rise showed a growing preference for decentralized alternatives despite centralized exchanges maintaining larger aggregate volume. 

The change shows how traders are gradually diversifying across multiple platforms to manage exposure and optimize liquidity. The surge in overall trading activity also coincided with about $20 billion in forced liquidations earlier in the month. 

The wave followed comments by U.S. President Donald Trump suggesting new tariffs on China’s rare-earth exports, which led to a broad sell-off across risk assets. The event briefly led to extreme volatility, leading traders to rebalance and hedge positions fast.

Related: OKX X Layer Hits 71,400 Active Addresses and $1M in DEX Fees

Stablecoin Transactions Hit Record $2.8T in October

Activity in stablecoins on Ethereum also soared alongside DEX growth. Monthly transaction volume reached an all-time high of $2.82 trillion in October, a 45% rise from September’s $1.94 trillion. 

Circle’s USDC dominated with $1.62 trillion, while Tether’s USDT reached $895.5 billion. DAI, issued by Sky (formerly MakerDAO), followed with $136 billion in transactions. As per Min Jung of Presto Research, the surge in stablecoin activity came as traders pursued yield opportunities amid a cooling crypto rally. 

Yield farming using stablecoins gained strength after Circle’s IPO and the enactment of the GENIUS Act. New yield-oriented “stable” tokens also attracted fresh inflows from investors seeking more efficient liquidity options.

Vincent Liu of Kronos Research added that the rise in stablecoin transactions showed liquidity management by traders preparing to reenter volatile markets. Many used stablecoins as temporary hedges and income-generating tools between trades, contributing to sustained transaction growth.

Stablecoin issuers had roughly 65% to 70% of total daily revenue across crypto protocol categories during the month. Issuers like Tether and Circle generate earnings from interest on reserve assets, primarily short-term U.S. Treasuries, strengthening their profitability amid growing stablecoin demand.

Broader On-Chain Shift and Market Realignment

The October surge across DEX, CEX, and stablecoin markets was one of the busiest trading months of 2025. CoinShares reported that related volatility in early October drove a record $53 billion in weekly trading volume in regulated crypto products such as ETFs.

Collectively, the data from DefiLlama and Presto Research show a clear change toward on-chain liquidity and more active portfolio management. The rise of platforms like Hyperliquid, Uniswap, and PancakeSwap, combined with stablecoin utility growth, suggests traders are increasingly balancing transparency, speed, and risk control across markets.