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Q3 DeFi: tokenized equities grow as perpetual volume falls

A third-quarter 2026 DeFi report summarized on October 21 puts tokenized-equity spot DEX volume at roughly $50 billion, about nine times the previous quarter. Its share of total spot DEX volume rose from approximately 1% to 9%. Overall spot DEX volume increased about 13% quarter over quarter to $571 billion, its first increase in four quarters.

Perpetual DEX activity showed a different pattern: open interest rose approximately 76% to $24 billion while quarterly trading volume fell about 16% to $1.4 trillion. These measures describe outstanding exposure and turnover, respectively. Higher open interest alongside lower volume should not be interpreted as an equivalent increase in new cash entering the market.

Reported: 10-21 13:44 UTC