On-chain perpetual contract trading cools down: DEX trading volume has declined for 5 consecutive months, shrinking nearly 50% from its peak

DeepFlowTech · 2026-04-06T10:52:56+00:00

According to DefiLlama data, on-chain perpetual contract trading volume peaked in October 2025 and has been steadily declining since, reaching $699 billion in March 2026. Daily trading volume also fell below $10 billion for the first time, indicating weakened leverage trading demand and that trading volume is highly concentrated on leading platforms.

DeepFlowTech

2026-04-06 10:52:56

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Deep Tide TechFlow message, April 5, according to Cointelegraph, DefiLlama data shows that on-chain perpetual contract (Perp) trading has been falling for five consecutive months after hitting a peak since October 2025. In March 2026, Perp DEX trading volume fell to $699 billion, a clear drop from the $1.36 trillion peak in October last year. Daily data also shows weakening activity: on April 4, daily trading volume fell to $8.4 billion, the first time it has dropped below $10 billion since September 2025, and it also hit the lowest level since July 2025, reflecting that leveraged trading and speculative demand have continued to cool.

In addition, current Perp DEX trading volume is still highly concentrated in the top platforms. Over the past 30 days, Hyperliquid recorded about $185.5 billion in trading volume, accounting for roughly 34% of the total volume across the top ten platforms.

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