Perp DEX trades hit 438M in October, highest in 11 months

The rebound matters less than the gap it leaves: activity is still well below the prior-year peak, so this looks like a partial recovery rather than a return to prior highs. Trade counts also say nothing about notional size, meaning the mix of small versus large positions remains unclear. For perp DEX operators and their liquidity providers, the question is whether this momentum carries into a second month or proves another one-off bounce; the year-over-year shortfall is the number that keeps the picture cautious.