TechFlow News: According to a Cointelegraph report on April 5, DefiLlama data shows that on-chain perpetual (Perp) contract trading has declined for five consecutive months since peaking in October 2025. In March 2026, Perp DEX trading volume fell to $699 billion—markedly down from the peak of $1.36 trillion recorded in October 2025. Daily data also indicates weakening activity: on April 4, single-day trading volume dropped to $8.4 billion—the first time since September 2025 that it fell below $10 billion—and hit a new low since July 2025, reflecting continued cooling of leveraged trading and speculative demand.
Additionally, Perp DEX trading volume remains highly concentrated among top-tier platforms. Over the past 30 days, Hyperliquid recorded approximately $185.5 billion in trading volume, accounting for roughly 34% of the total volume across the top ten platforms.
