Perp DEX Trading Cools as Volumes Slides For Five Straight Months
Perpetual DEX trading volumes have fallen for five consecutive months since October 2025, indicating a market cooldown.Summary
Onchain perpetual futures trading has experienced a significant cooldown, with volumes on decentralized exchanges (DEXs) declining for five consecutive months since peaking in October 2025. Data from DefiLlama shows that perp volume dropped to $699 billion in March 2026 from $1.36 trillion in October 2025. This decline has been consistent, with daily activity also softening, falling below $10 billion on April 4, 2026, for the first time since September 2025. This trend suggests a sustained cooling in speculative demand and leveraged positioning in crypto markets following a surge in 2025. Despite the overall decline, trading activity remains concentrated on top platforms, with Hyperliquid leading in the past 30 days, accounting for approximately 34% of the total volume among the top 10 perp DEXs. This slowdown follows a period of rapid growth in 2025, where perp DEXs nearly tripled their cumulative volume to $12.09 trillion.
(Source：Cointelegraph)