**[Record-breaking $1.2 Trillion Perp DEX Trading Volume in October]** Odaily Planet Daily News: In October 2025, the total trading volume of decentralized perpetual contract exchanges (Perp DEX) surged to a record-breaking $1.2 trillion, nearly doubling compared to the previous month. The growth was primarily driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and ApeX. Lighter led the market with approximately 27% market share, while Hyperliquid's market share dropped from 33% last month to 10%. The surge in trading volume was mainly fueled by two factors: first, the incentive mechanisms like "points programs" launched by various platforms; second, the liquidation wave triggered by extreme market volatility on October 10, which forced concentrated closing of long and short positions. Following the event, many traders accelerated their trading frequency to recover losses.