Chapter 923 is titled "Emperor of the Sea Kaidou 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 Kaidou, Luffy runs into a heavily injured Speed, who along with Tama had been brutally attacked by Kaidou on their way to Tama's home. In a fit of rage, Luffy confronts Kaidou and pummels him with Gear Third and Gear Fourth attacks. Kaidou transforms back into his regular form, but is otherwise unharmed, and he defeats Luffy with a single blow.
Kaidou'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 Kaidou's dragon breath attack. Elsewhere, Shutenmaru decides to stay and watch the fight instead of fleeing. Luffy hears several of Kaidou'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 Kaidou spotted them and despite doing her best to protect Tama, Kaidou injured them both.
Angered by this, Luffy chastises himself for not going along with them and prepares to attack Kaidou. 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 Kaidou, getting his attention. Despite still in a drunken state, Kaidou 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 Kaidou's eye level. Luffy immediately activates Gear Third and pummels Kaidou with numerous punches. The remaining Beast Pirates are shocked to see Kaidou 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, Kaidou gets back on his feet to the surprise of everyone. Glaring at Luffy, Kaidou 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 Kaidou on the way to Tama's home.
- Luffy tries to defeat Kaidou but the latter defeats him with a single blow, knocking him unconscious.