Episode Details
Back to Episodes
Perpetual DEX: The New Financial Infrastructure
Season 1
Episode 120
Published 5 months, 3 weeks ago
Description
During the deepest part of the crypto cycle, something unusual happened: on-chain perpetuals took off.
In October 2025, monthly on-chain perp volume exceeded $1 trillion, breaking all historical records in both YoY and MoM growth. Spot markets stagnated, CEX futures growth slowed, but platforms like Hyperliquid, ApeX, Orderly, and new L2-native engines quietly entered the “$100B cumulative volume club.”