Chapter 923 is titled "Emperor of the Sea Kaido vs. Luffy".
Cover Page Request: "Luffy, Ace, and Sabo as children playing insect wrestling with an Atlas, Heracles, and Miyama beetle respectively." PN Hachimitsu Nameko
After attacking Kaido, Luffy runs into a heavily injured Speed, who along with Tama had been brutally attacked by Kaido on their way to Tama's home. In a fit of rage, Luffy confronts Kaido and pummels him with Gear Third and Gear Fourth attacks. Kaido transforms back into his regular form, but is otherwise unharmed, and he defeats Luffy with a single blow.
Kaido's dragon form slams into the ground after being hit in the head by Luffy. As his subordinates flee the area, they take note that a samurai appeared to have been the one behind the attack. Reaching the ground, Luffy yells to his crew and asks if they managed to escape Kaido's dragon breath attack. Elsewhere, Shutenmaru decides to stay and watch the fight instead of fleeing. Luffy hears several of Kaido's subordinates discover Lady Speed who is heavily injured. Fearing for Tama's life, Luffy asks Lady Speed if she was able to get Tama out of the city safely; he learns that Kaido spotted them and despite doing her best to protect Tama, Kaido injured them both.
Angered by this, Luffy chastises himself for not going along with them and prepares to attack Kaido. Law frantically tells Luffy they need to check on their respective crews and berates him for jeopardizing their plans; Luffy ignores Law and yells at Kaido, getting his attention. Despite still in a drunken state, Kaido recognizes Luffy and comments how he's finally arrived in Wano. He then unleashes another blast of fire towards Luffy, incinerating the immediate area; however, Lady Speed is able to propel Luffy into the air towards Kaido's eye level. Luffy immediately activates Gear Third and pummels Kaido with numerous punches. The remaining Beast Pirates are shocked to see Kaido taking such a tremendous beating and he falls from the sky, transforming back into his human form.
Luffy rushes forward, activates Gear Fourth and resumes his attack. However, Kaido gets back on his feet to the surprise of everyone. Glaring at Luffy, Kaido swings his kanabō and strikes Luffy, seeming to dash forward, mocking his proclamation of becoming the Pirate King as Luffy soars through the air and is knocked unconscious from the blow.
- Speed and Tama were attacked by Kaido on the way to Tama's home.
- Luffy tries to defeat Kaido but the latter defeats him with a single blow, knocking him unconscious.