Perpetual futures volume on decentralized exchanges rose 6% in October to $659 billion, while spot and centralized-exchange futures activity fell.
Why it matters
The split highlights a divergence between decentralized perpetual trading and activity on centralized venues. The decline in centralized-exchange activity coincided with a drop in Bitcoin following a reported $6.3 billion Binance hack.
Market impact
Variational was the standout among perpetual DEXs, reaching $78 billion in monthly volume and ranking second for the first time. Hyperliquid remained ahead of it.
Source: [source](https://webappcsdfedsssd.controller.bot/media/files/8336652911/AgACAgIAAxkBAAJaxGrssP_RyFxWNOhj4vFgZxkmb_ffAAJtHWsbPItpS9OTDRp2MXZsAQADAgADeQADPQQ?sig=1WIHgei3XGIx-IZkbLPa4L8qooL5vY1rFkNuUzOBhtI)
Frequently asked questions
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How did decentralized perpetual trading compare with centralized activity?
Perpetual DEX volume rose 6% to $659 billion in October, while spot and centralized-exchange futures activity fell.
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Which perpetual DEX ranked second in October?
Variational ranked second for the first time, reaching $78 billion in monthly volume.
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Which platform ranked ahead of Variational?
Hyperliquid remained ahead of Variational among perpetual DEXs.
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What coincided with the decline in centralized-exchange activity?
The decline coincided with a fall in Bitcoin following a reported $6.3 billion Binance hack.
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What was notable about Variational's October ranking?
It was the first time Variational ranked second among perpetual DEXs.
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