Core Insights - Trading activity on decentralized exchanges (DEXs) reached a record high of over $1.36 trillion in October, surpassing the previous peak of $759 billion in August, indicating a significant shift towards on-chain finance [1][2] Group 1: Market Performance - Hyperliquid led the perpetual DEX market with approximately $299 billion in trading volume for October, followed closely by Lighter at $265.4 billion and Aster at $259.9 billion [2] - The share of DEX to centralized exchange (CEX) spot trade volume has more than doubled from under 10% last year to over 20% projected for 2025, reflecting a migration of traders towards decentralized platforms [3] Group 2: Factors Driving Growth - The increase in trading volume is attributed to improved platform interfaces and incentives, such as airdrops and points programs, which have attracted retail traders [4] - Structural shifts in the market, including scandals involving centralized exchanges and heightened regulatory scrutiny, have led traders to perceive DEXs as safer alternatives that offer better custody and access to new tokens [4] Group 3: Market Dynamics - The surge in trading volume was partly driven by approximately $20 billion in forced liquidations of leveraged positions, triggered by geopolitical comments regarding tariffs, which caused a sell-off in risk assets [6] - CoinShares reported that the resulting market turbulence led to a record weekly trading volume exceeding $53 billion in regulated crypto investment products, such as ETFs [7]

Decentralized Exchange (DEX) - BSCNews reports that $BEE is revealing its own perpetuals DEX [1] - The report questions whether a perpetuals DEX is truly what the @Beenetworkintl ecosystem needs [1]

RT BSCN (@BSCNews)📈 $BEE REVEALS OWN PERP DEX - Is a perpetuals DEX really what the @Beenetworkintl ecosystem needs...? Read now https://t.co/3eE5TCk9fO ...

RT BSCN (@BSCNews)📈 $BEE REVEALS OWN PERP DEX - Is a perpetuals DEX really what the @Beenetworkintl ecosystem needs...? Read now https://t.co/3eE5TCk9fO ...

RT The Block (@TheBlock__)Aster Founder Leonard on Balancing Transparency and Privacy in Next Gen Perp DEXs@imyoungsparks met with @Aster_DEX founder @Leonard_Aster to discuss the perpetual DEX's rapid success and the evolution of on-chain derivatives trading.The Block in partnership with @BNBCHAIN, this interview took place during their Korea Blockchain Week side event at the beautiful Hanok House, where The Block was present as media partner.OUTLINE- Introduction- The Perp DEX Meta- Dark Pools and Privacy ...

Market Ranking - Perpetual DEX sector is highly competitive with numerous builders [1] - Unofficial rankings of Perpetual DEX platforms by OI (Open Interest) are provided [1] - Hyperliquid ranks first in OI [1] - Lighter ranks second in OI [1] - Aster ranks third in OI [1] Platform List - The report lists 17 Perpetual DEX platforms based on OI [1] - The platforms include Hyperliquid, Lighter, Aster, edgeX, Jupiter, ostium, paradex, backpack, gmx, dydx, variational, pacifica, extended, reya, hibachi, vest, and gains network [1]

Core Insights - The Lighter vault, associated with the Kanye West YZY meme coin, is experiencing significant challenges due to aggressive trading strategies and a lack of auto-deleveraging mechanisms [1][7]. Group 1: Market Dynamics - Crypto prices have shown recovery post-deleveraging on October 10, but the YZY vault on Lighter remains in a precarious position [1]. - Perpetual decentralized exchanges (DEXes) like Lighter rely heavily on community participation to remain competitive, offering features such as 10x leverage and public trades [2]. Group 2: Vault Operations - Lighter and other perpetual DEXes have established vaults to manage liquidity, allowing users to deposit funds and earn revenue based on trading activity [3]. - As of October 14, the Lighter Liquidity Provider (LLP) manages over $388 million, with the Ethereum vault being the largest at over $11 million in position value [3]. Group 3: Risk Management - The Lighter vault is designed to provide liquidity and manage liquidations, acting as a counterparty to prevent bankruptcy during adverse trading conditions [4]. - Unlike Hyperliquid, which employs auto-deleveraging to manage risk, Lighter has not reported such measures, leading to increased exposure and potential losses for the YZY vault [5][6]. Group 4: Current Challenges - The aggressive approach of the Lighter vault has resulted in the YZY vault being deep in the red, suffering from high funding rates without closing positions to mitigate losses [7].

RT DefiLlama.com (@DefiLlama)Now tracking @SpookySwap Perps on our Perp Volume DashboardSpookySwap Perps is an “Intent-Based” perpetual DEX powered by SYMMIO and hosted by SpookySwap that gives users access to (up to) 60x leverage trading over a range of more than 150 crypto assets https://t.co/lUwuufuXeg ...

Core Insights - Hyperliquid remains a leading player in the Perpetual Decentralized Exchange (Perp DEX) market despite a significant drop in market share from 45% to 8% due to increased competition from new entrants like Aster [2][6] - Aster, backed by Binance, has rapidly gained market share, with its trading volume skyrocketing from $11 billion to over $270 billion in just one week, capturing more than 50% of the market [4][6] - The overall market for Perp DEXs is experiencing a long-term uptrend, with their share of centralized exchange (CEX) perpetual volume increasing from less than 2% in 2022 to over 20% recently, indicating a growing acceptance of decentralized trading platforms [3] Market Dynamics - Hyperliquid's primary competition comes from Aster, which has emerged as a formidable challenger, significantly impacting Hyperliquid's volume share [3][4] - Other platforms like EdgeX and Lighter have also seen substantial volume growth, but their market share has declined due to Aster's rapid rise [4][6] - The competition among DEXs is currently focused on incentivizing trading volume through future airdrops, with the hope that this volume will become "sticky" [5] Performance Metrics - Hyperliquid's open interest remains a critical metric for assessing liquidity and user interest, with the platform maintaining a dominant market share of 62% in this regard [5] - Despite the decline in volume share, Hyperliquid's revenue-producing volume has remained steady, suggesting resilience in its business model [5]

Crypto Fundraising Overview - Last week's top crypto fundraisings totaled approximately $90.1 million [1] - Stablecoin and payment projects secured significant funding, with @kredete raising $22 million and Stablecore raising $20 million [1] Project Categories and Funding - Stablecoin and Banking: Stablecore raised $20 million [1] - Perpetual DEX: @grvt_io secured $19 million in funding [1] - RWA Layer 1: @MavrykNetwork raised $10 million [1] - DEX Aggregator: @Titan_Exchange received $7 million in funding [1] - DeSci: @BioProtocol obtained $6.9 million in funding [1] - On-Chain AI: @senpi_ai raised $4 million [1] - Interoperability and Infrastructure: @0xEpochProtocol secured $1.2 million [1]