In October 2025, total trading volume on decentralized perpetual contract exchanges (perp DEX) surged to a record $1.2 trillion, nearly doubling from the previous month. The growth was primarily driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and ApeX. Lighter led the pack with approximately 27% market share, while Hyperliquid's market share dropped from 33% the previous month to 10%. The surge in trading volume was driven by two main factors: firstly, incentive mechanisms such as "points programs" introduced by various platforms; and secondly, the wave of liquidations triggered by the sharp market volatility on October 10th, forcing a concentrated liquidation of both long and short positions. Following the event, many traders increased their trading frequency to recoup losses.