BlockBeats news, on April 6, data showed that on-chain perpetual (Perp) trading has continued to cool after peaking in 2025. According to DefiLlama data, decentralized exchange (DEX) perpetual trading volume dropped to approximately $699 billion in March 2026, a significant decline from the peak of $1.36 trillion in October 2025, marking five consecutive months of decline.
Daily data also weakened. On April 4, on-chain Perp DEX trading volume dropped to $8.4 billion, the first time since September 2025 that it fell below $10 billion, and the lowest level since July 2025, indicating a clear cooling in market speculation and leverage demand.
From a platform perspective, Hyperliquid remains absolutely dominant, 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 volumes of approximately $73 billion and $68 billion, respectively.
Analysis suggests that Perp DEX trading volume is commonly regarded as a key indicator of market risk appetite and leverage levels. The ongoing decline reflects that the on-chain derivatives market is entering a phase of consolidation following its rapid growth in 2025, with liquidity increasingly concentrating among leading platforms.