The Rise of Perp DEXs: Record Volumes and Growing Institutional Backing. Photo by BeInCrypto Trading activity on decentralized exchanges (DEXs) surged to new highs in October, signaling the continued shift of global crypto markets toward on-chain finance. According to data from DeFiLlama, perpetual DEXs processed more than $1.36 trillion in trading volume last month, the highest level ever recorded. That figure surpassed August’s $759 billion peak, setting a new benchmark for on-chain trading activity. H ...

去中心化永续合约交易所行业 - 与币安、Bybit等中心化交易所不同，永续DEX更依赖社区资金池来保持竞争力[2] - 行业参与者允许高达10倍的杠杆交易，且所有交易公开透明[2] - 行业通过创建资金库来运作，任何人存款入资金池即可根据交易对的活跃度赚取收入分成[3] - 资金库持续提供流动性，始终在订单簿上发布买卖单，确保点差小、市场深度好[4] - 资金库同时处理所有清算，当交易者亏损严重时，资金库作为对手方介入，保护交易所免于破产[4] Lighter平台运营状况 - 公司的流动性提供者累计管理资产超过3.88亿美元，其中以太坊资金库规模最大，头寸价值超过1100万美元[3] - 在极端市场情况下，公司未采用自动去杠杆化措施，而是作为最后清算者介入交易[5] - 与Hyperliquid相比，公司的资金库为追求更高收益而更为激进，并直接处理清算[6] - 公司的YZY meme币资金库因未能自动去杠杆化而陷入困境，头寸处于严重亏损状态并承受资金费率损失[7] 特定风险事件分析 - 一个规模较小的Lighter资金库在10月10日去杠杆化后，其Kanye West YZY资金库仍处于困境中[1] - 该YZY资金库未像Hyperliquid那样通过自动去杠杆化来管理风险，导致其现在深陷亏损[7]

Patrick Scott Says Hyperliquid Dominates While Competitors Roll Out Copycats | Getty Images. Key Takeaways Hyperliquid has seen a few challengers over the past week, like Aster, EdgeX, and X. The new launches have depreciated Hyperliquid’s volume share from 45% to 8%. Aster, backed by Binance, has experienced the most explosive growth, with its trading volume surging from $11 billion to $270 billion in just one week. In the past few weeks, major centralized exchanges have launched perpetual DEX platf ...