On-chain perpetual contract trading cools down: DEX trading volume declines for five consecutive months

BlockBeats message, April 6. Data shows that on-chain perpetual futures (Perp) trading has continued to cool off after hitting a peak in 2025. According to DefiLlama data, in March 2026, perpetual contract trading volume on decentralized exchanges (DEX) fell to about $699 billion, down significantly from the $1.36 trillion peak in October 2025; it has declined for 5 consecutive months.

Daily data also weakened. On April 4, on-chain Perp DEX trading volume fell to $8.4 billion, the first time since September 2025 that it dropped below $10 billion, while also marking the lowest level since July 2025, indicating that market speculation and leverage demand have clearly cooled.

From the platform landscape, Hyperliquid still holds an absolute lead. Over the past 30 days, trading volume was about $185.5 billion, accounting for roughly 34% of the total volume across the top ten platforms. Next are edgeX and Aster, with approximately $73.0 billion and $68.0 billion, respectively.

Analysts believe that Perp DEX trading volume is typically viewed as an important indicator of market risk appetite and leverage levels. This round of sustained pullback reflects that after the rapid growth in 2025, the on-chain derivatives market is entering a phase of periodic adjustment, with liquidity further concentrating toward leading platforms.