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October 14, 2025Cryptopolitan logoCryptopolitan

Perp DEXs thrive amid liquidation chaos, fees and volume spike

DeFi protocols and perpetual DEXs survived the biggest liquidation events on October 10-11 with flying ￰0￱ time, DeFi benefitted from fees and managed to control its ￰1￱ and perp DEXs performed better following the October 10-11 market ￰2￱ DeFi space, including perpetual DEXs, still saw liquidations, but showed it was much more stable compared to the 2022 ￰3￱ Cryptopolitan reported , crypto faced $19B in liquidations, the worst event since the crash of FTX. However, this time around, DeFi showed relatively limited crisis ￰4￱ time around, DeFi has more reliable collaterals, including those based on tokenized T-bills and more reliable ￰5￱ collaterals are at much more conservative price levels, with limited liquidations.

Currently, ETH has just under $1B in liquidatable values, starting at $1,548, way below market ￰6￱ DEXs open interest attempts a recovery Perpetual DEXs were the most affected, losing over 50% of their open interest on ￰7￱ interest on all perp DEXs was at $25.75B before the crash, later dipping to lows of $13.71B. Perp DEXs value locked started recovering, bouncing from lows of $13B up to $17B. Despite this, the liquidations hurt the trust in perpetual DEXs, after many traders were liquidated and lost their entire positions. |

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