Perpetual futures trading on decentralized exchanges (DEXs) just had one of its busiest days ever. On Feb. 5, traders pushed more than $70 billion in volume through on-chain perpetual platforms, according to DeFiLlama data, as a sharp market sell-off forced investors to cut leveraged positions tied mainly to bitcoin (BTC), ether (ETH) and solana (SOL).
It was the second-largest day on record for perp DEX activity, trailing only the infamous Oct. 10, 2025 “1011” crash. That earlier event triggered more than $19 billion in liquidations and sent bitcoin tumbling from around $117,000 to roughly $101,800 in a single day. While the latest move didn’t match that level of chaos, the sheer volume shows how much leverage has shifted on-chain.
Hyperliquid and rivals lead the rush
Four platforms dominated the action. Hyperliquid processed about $24.7 billion in 24-hour volume, giving it roughly a 31% share of the perp DEX market for the day. Aster followed with around $11.6 billion, edgeX handled about $8.7 billion, and Lighter cleared roughly $7.5 billion. Together, these venues accounted for well over half of all perpetual DEX trading during the sell-off.
The surge highlights how quickly traders now turn to decentralized platforms when volatility spikes. edgeX, for example, has already crossed more than $600 billion in cumulative trading volume across recent incentive campaigns and holds over $1 billion in open interest. Points programs and rewards have helped pull liquidity on-chain, but the Feb. 5 numbers suggest that real risk management is now happening there too.
A rough day for major tokens
The heavy trading came as crypto markets slid sharply. Bitcoin hovered near $64,000, down roughly 11–12% over 24 hours in some snapshots. Ether traded in the high $1,800 range, continuing a longer slide from above $3,000, with traders watching the $1,600–$2,000 zone as a key support area. Solana fell to around $79–80, after briefly dipping into the low $70s. XRP was also under pressure, moving near $1.37 after touching lows around $1.14.
As prices dropped, traders rushed to unwind leveraged bets. BTC-USD, ETH-USD and SOL-USD perpetual contracts typically see the most activity during these moves, while smaller altcoin pairs add extra volatility but less overall volume.
Why this matters
This wasn’t just another choppy trading day. The Feb. 5 volume spike shows that perpetual DEXs have become a major pressure valve for crypto markets. They are no longer niche tools for DeFi power users. When leverage needs to be reduced fast, traders are increasingly doing it on-chain.
Compared to the “1011” crash, liquidations this time were smaller, but the infrastructure handled far more flow. That’s a sign of how much decentralized derivatives trading has matured in a short time. In just over a year, platforms like Hyperliquid, Aster, edgeX and Lighter have turned into core venues for managing risk during crypto’s most volatile moments.
Also Read: XRP Under Pressure: Is a Drop to $1 on the Cards?
