On-Chain Perpetual Contract Trading Cools: DEX Volume Declines for Five Consecutive Months

On April 6, data showed that on-chain perpetual contract (Perp) trading has been cooling off after peaking in 2025. According to DefiLlama data, the trading volume of perpetual contracts on decentralized exchanges (DEX) dropped to approximately $699 billion in March 2026, a significant decline from the peak of $1.36 trillion in October 2025, marking a continuous decrease for five months. Daily data also weakened, with on-chain Perp DEX trading volume falling to $8.4 billion on April 4, the first time it has dipped below $10 billion since September 2025, and reaching the lowest level since July 2025, indicating a notable cooling in market speculation and leverage demand. In terms of platform dynamics, Hyperliquid remains the clear leader, with a trading volume of approximately $185.5 billion over the past 30 days, accounting for about 34% of the total volume of the top ten platforms; followed by edgeX and Aster, with approximately $73 billion and $68 billion, respectively. Analysts believe that Perp DEX trading volume is often seen as an important indicator of market risk appetite and leverage levels. This ongoing decline reflects that after experiencing rapid growth in 2025, the on-chain derivatives market is entering a phase of adjustment, with liquidity further concentrating on leading platforms.