DeFi perpetual volume just crossed $1.24 trillion in the past 30 days; a new all-time high for decentralized derivatives.

➤ @HyperliquidX: $316.4B

➤ @Lighter_xyz: $259.3B

➤ @Aster_DEX: $178.2B

➤ Open Interest: $16.8B

➤ 24h perps volume: $45.7B

➤ Chain leader (OI): Hyperliquid with $7.5B

CEXs still dominate total flow; Binance and Bybit alone cleared over $96B in the last 24h, but DEXs are no longer niche.

Liquidity depth, leverage access, and product design are converging fast.

One that impressed me is @OstiumLabs on @arbitrum, which cleared $4.3 B in 30 days while letting users trade FX, metals, energy, and RWAs directly from their wallets.

Overall, @arbitrum processed $18.16 B in perps volume during the same period, showing how L2 execution is now driving the derivatives wave.

The reflexive loop is forming:

more traders → tighter spreads → deeper liquidity → higher volume.

That’s the decentralized derivatives flywheel.