Perpetual DEX: The New Financial Infrastructure

Smarter Crypto Trading with Ave AI by Ave AI

Episode notes

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.”

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Keywords
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