🔥Ongoing decline in on-chain perpetual contract trading: DEX trading volume decreases for five consecutive months

Data shows that on-chain perpetual contract trading has continued to cool down after reaching a peak in 2025. According to DefiLlama data, in March 2026, the trading volume of perpetual contracts on decentralised exchanges dropped to approximately $699 billion, a significant decline from the $1.36 trillion peak in October 2025, marking five consecutive months of decline. Daily data also shows weakness, with on-chain Perp DEX trading volume falling to $8.4 billion on April 4th, the first time since September 2025 to drop below $10 billion, and the lowest level since July 2025. In terms of platform landscape, Hyperliquid remains the leader, with a trading volume of about $185.5 billion in the past 30 days, accounting for approximately 34% of the total volume of the top ten platforms; followed by e…
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