Perp DEX activity just hit an 11-month high đ
438M trades in October â up 8.4% MoM. Highest monthly volume since late 2025.
But here's the reality check: Still down 15.9% vs Oct 2025 (521M trades). We're recovering, not mooning.
Liquidity is flowing back into on-chain perps. Watch for which protocols are capturing the most flow â that's where the alpha sits. $GMX $dYdX $HYPERLIQUID
438M trades in October â up 8.4% MoM. Highest monthly volume since late 2025.
But here's the reality check: Still down 15.9% vs Oct 2025 (521M trades). We're recovering, not mooning.
Liquidity is flowing back into on-chain perps. Watch for which protocols are capturing the most flow â that's where the alpha sits. $GMX $dYdX $HYPERLIQUID
