Been watching the perpetual trading volume numbers lately and it's pretty wild how much things have cooled down. We hit like 1.36 trillion back in October 2025, but now we're sitting at 699 billion as of March. That's almost a 50% drop over five months. Just checked April 4th numbers and single-day trading volume was only 8.4 billion USD - lowest we've seen since July 2025. Hyperliquid's still dominating with about 185.5 billion of that volume across the top ten platforms, roughly 34% of the total. The trading volume decline is pretty significant, makes you wonder if we're in a consolidation phase or if people are just rotating out of perps right now.