Onchain perpetual futures trading volumes have declined for five straight months after reaching a peak in October 2025. Data from DefiLlama shows total perp decentralized exchange (DEX) volume dropped to $699 billion in March 2026, down from $1.36 trillion recorded in October. The decline continued steadily through November and December before extending into the first quarter of 2026.
Daily Perp DEX Activity Falls Below Key Levels
Daily trading activity also reflects weakening momentum. On April 4, perp DEX volume fell to $8.4 billion, marking the first drop below $10 billion since Sept. 6, 2025. It was also the lowest daily level recorded since July 5, 2025. These volumes are widely viewed as a proxy for speculative demand and leveraged trading interest across crypto markets.
Hyperliquid Leads Trading as Market Concentrates
Despite the slowdown, activity remains concentrated among leading platforms. Over the past 30 days, Hyperliquid recorded approximately $185.5 billion in volume, accounting for about 34% of total activity among the top 10 perp DEXs. EdgeX followed with $73 billion, while Aster reported $68 billion.
Other platforms recorded smaller volumes, including Lighter at around $50 billion and Grvt near $40 billion. ApeX Protocol, Variational, and StandX each posted between roughly $16 billion and $33 billion in monthly trading activity.
Market Cooldown Follows Rapid Growth Phase
The current slowdown follows a strong expansion period in 2025, when cumulative perp DEX volume nearly tripled to $12.09 trillion. About $7.9 trillion, or 65% of that total, was generated in 2025 alone, supported by monthly averages nearing $1 trillion during the fourth quarter.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.