Five-month decline in perpetual DEX volumes continues since October highs
Daily trading volume for perpetual DEXs dropped to $8.4 billion on April 4, marking the first time below $10 billion since September and representing the lowest point since July, according to DefiLlama data.
Trading activity for perpetual futures on blockchain networks has experienced a cooling trend lasting five consecutive months following its peak in October 2025.
According to DefiLlama data, perpetual futures volume across decentralized exchanges (DEXs) decreased to $699 billion in March 2026, down from the $1.36 trillion recorded in October.
This downward trajectory has remained consistent throughout the entire period, with trading volumes declining through both November and December, before continuing to fall throughout the initial three months of 2026.
The softening trend is also evident in daily trading metrics. Perp DEX volume reached $8.4 billion on April 4, representing the first instance of activity dipping below the $10 billion threshold since Sept. 6, 2025. DefiLlama data indicates this also represents the lowest daily level recorded since July 5, 2025.
This pattern indicates a prolonged cooldown period in onchain perpetual futures trading activity after the rally witnessed in 2025. Trading volumes for perpetual contracts function as an indicator of speculative appetite and leveraged market positioning within cryptocurrency markets.
Hyperliquid dominates perp DEX trading activity in recent 30-day period
According to DefiLlama data, trading volume continues to be heavily concentrated within the leading perpetual DEX platforms. Over the most recent 30-day period, Hyperliquid generated approximately $185.5 billion in reported trading volume, representing around 34% of the combined volume among the top 10 perpetual DEXs.
The platform maintains a substantial lead over competing platforms such as edgeX, which generated $73 billion in volume, and Aster, which recorded $68 billion.
Additional platforms demonstrated considerably lower trading volumes during the identical timeframe, with Lighter generating approximately $50 billion and Grvt coming in at nearly $40 billion. Smaller trading venues including ApeX Protocol, Variational and StandX each posted volumes ranging between approximately $16 billion and $33 billion over the 30-day measurement period.
This information demonstrates that a substantial portion of onchain perpetual futures trading activity remains concentrated within the leading platforms, even as aggregate volumes have retreated from the elevated levels seen in late-2025.
Decline in perp DEX activity comes after explosive expansion
This downturn arrives following an era of explosive expansion in onchain derivatives trading. Throughout 2025, perpetual DEXs saw cumulative trading volume nearly triple to reach $12.09 trillion, with approximately $7.9 trillion, representing about 65%, occurring in 2025 alone.
The surge was predominantly fueled by monthly trading activity that averaged close to $1 trillion per month throughout the fourth quarter.
Exchanges offering perpetual futures contracts are emerging as a critical competitive arena throughout crypto ecosystems. Various blockchain networks have been competing to deploy or accommodate perpetual DEXs in order to attract trading volume, although historically liquidity has typically concentrated within a limited number of leading platforms.