DEX perpetual trading volume exceeds $1 trillion in November

Despite the uncertainty pervading the crypto market in November, the volume of perpetual contracts traded on DEXs soared to over $1 trillion in November. November’s permanent trading volume was $1 trillion for the second consecutive month, following October’s $1.37 trillion.

Perpetual contracts are becoming increasingly popular on decentralized exchanges, according to on-chain data. Platforms such as Hyperliquid, Lighter, and Aster recorded significant trading volumes in October and November compared to the previous month.

DEX perpetual trading volume exceeds $1 trillion in November

Source: Defilama. Perpetual trading volume of decentralized exchanges

November was the second consecutive month in which perpetual contract trading volume reached $1.317 trillion, according to data from DefiLlama, an open-source analytics platform for decentralized finance (DeFi). The figure follows a surge in trading activity in October, which saw trading volumes reach a new high, exceeding $1 trillion. DEXs processed $1.37 trillion in perpetual contracts in October, up from $759 billion in August and $564.622 million in July.

The significant increase in trading volume shows that investor confidence in decentralized on-chain platforms is increasing. The remarkable performance of new DEX protocols such as Lighter and Aster shows that traders are moving away from centralized exchanges.

of data We can see that Lighter, a DEX based on the Ethereum network, is leading the way with a total trading volume of $290.65 billion in the past 30 days and $8.882 billion in the past 24 hours. The protocol took the top spot with $265.4 billion in trading volume after falling to second place behind HyperLiquid in October. Hyperliquid ranked first in October with a trading volume of $317.6 billion.

Aster also replaces HyperLiquid as it currently holds the second spot with a trading volume of $248 billion in the past 30 days and over $7.414 billion in the past 24 hours. The exchange recorded $177.6 billion in October, taking the third place behind Hyperliquid and Lighter. Hyper Liquid is currently in 3rd place with a 30-day trading volume of $237.86 billion and a 24-hour trading volume of $6.316 billion.

EdgeX also attracted attention, ranking fourth with a 30-day trading volume of $163.533 billion and $4.088 billion in the past 24 hours. Apex Protocol follows with $80.337 billion in the past 30 days and $2.822 billion in the past 24 hours. Single-day perpetual contract trading volume peaked at $68.642 billion in November, down $10 billion from $78.014 billion the previous month.

Despite the DEX boom, centralized exchanges still lead the crypto futures market

The significant change in investor confidence can be attributed to a variety of factors, including the emergence of new generation platforms with more user-friendly interfaces and trading incentives such as airdrops and point-granting programs. These incentives likely played a large role in attracting crypto traders, who initially performed most of their trading activity on centralized exchanges.

Numerous scandals at centralized exchanges. hacking The evolution of regulatory oversight may also have presented decentralized exchanges as a suitable alternative for trading activities. Many traders now consider decentralized exchanges to be more secure platforms that allow them to maintain control of their funds and gain early access to new tokens.

However, centralized exchanges still lead in terms of open interest and trading volume in crypto futures. data According to research by Coingecko, centralized exchanges accumulated $570 billion in total derivatives trades in the past 24 hours, compared to $39.313 billion confirmed on decentralized exchanges during the same period. In terms of 24-hour trading volume, Binance (futures) led the way with $58.4 billion, followed by Bybit (futures) with $20.1 billion.

News comes after Metamask announced The company partnered with Hyperliquid to offer traders perpetual futures trading on its Ethereum wallet mobile application. The announcement also details that the companies plan to offer rewards to encourage traders to take advantage of this feature.