Onchain perpetual futures trading has cooled for five consecutive months since reaching its peak in October 2025.
According to DefiLlama data, perp trading volume on decentralized exchanges (DEXs) dropped from $1.36 trillion in October to $699 billion in March 2026.
The decline has been consistent, with volumes easing through November and December before continuing lower throughout the first quarter of 2026.
Daily activity is also weakening. On April 4, perp DEX volume fell to $8.4 billion—its first drop below $10 billion since Sept. 6, 2025, and the lowest level recorded since July 5, 2025.
Overall, the trend points to a sustained cooldown in onchain perpetual futures trading following the surge seen in 2025, with declining volumes reflecting reduced speculative demand and lower leveraged positioning across crypto markets.
Hyperliquid leads perp DEX volumes over the past 30 days
DefiLlama data shows that trading activity remains heavily concentrated among the top perpetual DEX platforms. Over the past 30 days, Hyperliquid recorded around $185.5 billion in volume, accounting for roughly 34% of total activity across the top 10 perp DEXs.
This places it well ahead of competitors like edgeX, which logged $73 billion, and Aster, with $68 billion. Other platforms trailed behind, including Lighter at about $50 billion and Grvt at nearly $40 billion, while smaller venues such as ApeX Protocol, Variational, and StandX each posted between $16 billion and $33 billion.
The data highlights how a significant share of onchain perpetual futures trading remains concentrated among a handful of leading platforms, even as overall volumes have declined from late-2025 highs.
Perp DEX slowdown follows rapid growth
The recent cooldown comes after a period of explosive growth in onchain derivatives. In 2025, perp DEXs nearly tripled cumulative trading volume to $12.09 trillion, with approximately $7.9 trillion—about 65%—generated in that year alone.
Much of this surge was driven by strong activity in the fourth quarter, when monthly volumes averaged close to $1 trillion.
Perpetual futures platforms have since become a key competitive arena across crypto ecosystems, with various blockchains racing to launch or support perp DEXs to capture trading flow. However, liquidity continues to concentrate around a small group of dominant platforms.
