Onchain perpetual futures trading has seen a sustained decline since October 2025, with daily volumes falling to $8.4 billion on April 4, the lowest level since July 2025. Total perp DEX volume for March 2026 was $699 billion, down from October's $1.36 trillion.
- Onchain perp DEX daily volume fell to $8.4 billion on April 4, the lowest since July 2025.
- Total perp DEX volume for March 2026 was $699 billion, down from October's $1.36 trillion.
- Hyperliquid led the top 10 perp DEXs with $185.5 billion in 30-day volume, followed by edgeX at $73 billion and Aster at $68 billion.
- Perp DEXs nearly tripled cumulative volume to $12.09 trillion in 2025, with 65% generated in the fourth quarter alone.
- The decline in onchain perp DEX volumes indicates a sustained cooldown in speculative and leveraged trading activity in the crypto market.
- Liquidity has historically consolidated around a small number of dominant perp DEX platforms.
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