07.04.2026 03:33

On‑chain perpetual futures trading on decentralized exchanges has been on a downtrend for five straight months since its peak in October 2025. Data aggregated from internet sources shows that the 30‑day volume for perpetual DEXs fell to $628.99 billion, representing a 12.71 % decline compared with the previous reporting period. Daily activity hit a low point on April 4, when only $8.4 billion was exchanged— the smallest figure recorded since July 2025.

The contraction comes after a period of rapid expansion earlier in the year, when upgraded user interfaces, deeper liquidity pools, and growing institutional participation drove adoption. Recent shifts in market conditions and a more cautious trader sentiment appear to be tempering that momentum, prompting the market to settle after the earlier surge.

Despite the overall slowdown, trading remains concentrated in a few venues. Hyperliquid, in particular, continues to dominate the space, handling roughly $185.5 billion of the total 30‑day volume. This translates to about 34 % of all perpetual DEX activity during the same window, underscoring the platform’s reputation for speed and deep liquidity.

In summary, while on‑chain perpetual DEX volume has retreated from its $1.36 trillion high in March 2026 to $699 billion, and daily turnover has slipped below the $10 billion threshold, Hyperliquid retains its position as the primary market leader, accounting for more than one‑third of the remaining trade flow.