Perp DEX Volumes Decline for Fifth Straight Month

Trading volumes on decentralized perpetual futures exchanges, known as perp DEXs, have fallen for five consecutive months since reaching a peak in October 2025, according to data from DeFiLlama. The sector, a key segment of onchain derivatives trading, saw March 2026 volumes drop to 699 billion, a sharp decline from the 1.36 trillion recorded in October. This downturn reflects a broader cooling in speculative activity within the cryptocurrency markets.

The decline has been consistent, with volumes decreasing through November and December 2025 before accelerating in the first quarter of 2026. Daily trading activity has also weakened significantly, falling to 8.4 billion on April 4, 2026, the lowest level since July 2025 and the first time below 10 billion since September 2025. Analysts view these figures as indicators of reduced risk appetite and leveraged positioning among traders, following a period of heightened market enthusiasm.

Despite the overall slowdown, trading remains highly concentrated among a few leading platforms. Over the past 30 days, Hyperliquid has dominated with approximately 185.5 billion in volume, capturing about 34 percent of activity among the top 10 perp...