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Analysis: On-chain perpetual contract trading enters a correction phase, with Prep DEX trading volume declining for five consecutive months
ME News message: April 6 (UTC+8), according to DefiLlama data, on-chain perpetual contract (Perp) trading has been falling for five consecutive months since peaking in October 2025. In March 2026, Perp DEX trading volume dropped to $699 billion, down significantly from the $1.36 trillion peak in October last year. Current Perp DEX trading volume is still highly concentrated in leading platforms; over the past 30 days, Hyperliquid recorded about $185.5 billion in trading volume, accounting for approximately 34% of the total volume across the top ten platforms. In addition, daily data also shows weakening activity: on April 4, daily trading volume fell to $8.4 billion, the first time since September 2025 that it dropped below $10 billion, and it also marked the lowest level since July 2025, reflecting a continued cooling of leverage trading and speculative demand. (Source: PANews)