ME News reports that, as of August 7 (UTC+8), according to TradingBeats monitoring, Perp DEXs have exited their previous high-turnover phase. Total market trading volume over the past seven days declined by approximately 13.7%环比, with the current 30-day trading volume at around $498.2 billion—down 63.4% from the peak of approximately $1.36 trillion in October last year. The most pronounced retreat has been in crypto perpetuals. Comparing the four-day windows from June 22–25 (peak storage) to August 3–6, Hyperliquid’s daily average trading volume for crypto contracts dropped from $5.988 billion to $3.058 billion—nearly halved; Lighter’s volume fell from $1.666 billion to $1.111 billion, a 33.3% decline. Additionally, GRVT’s weekly average trading volume is now approximately 59.1% lower than before, while dYdX’s is down about 43.2%. During the same period, weekly trading volume on Ethereum and Solana Perp DEXs declined by 26.8% and 22.5%, respectively. The contraction in trading demand has also impacted market-making revenues. Hyperliquid’s HLP pool size decreased by 21.8% to approximately $215 million from June levels, while Lighter’s LLP pool fell by 19.9% to $80.62 million. Notably, HLP’s 30-day yield has dropped to just around 0.018%, nearly zero—reflecting stagnant returns alongside shrinking capital. It is reported that prominent crypto market maker Wintermute also received a U.S. broker-dealer license today, preparing to enter Wall Street market-making operations. However, the issue is not a wholesale exodus of funds from platforms. During the same period, Hyperliquid Bridge’s locked funds increased from $5.773 billion to $5.940 billion—a 2.9% rise—while Lighter Bridge also grew by approximately 2.0%. Funds remain; the current challenge for Perp DEXs appears to be insufficient trading demand rather than pure liquidity outflows. A minority of growing demand stems from traditional assets. During this period, Trade.xyz’s daily trading volume rose from $3.888 billion to $5.134 billion—an increase of 32.1%, offsetting about 42.5% of Hyperliquid’s crypto contract volume decline. The share of Trade.xyz’s trading volume within both crypto and traditional asset contracts rose from 39.4% to 62.7%, an increase of 23.3 percentage points. Traditional assets such as stocks are reshaping the internal trading structure on Hyperliquid, yet they remain insufficient to reverse the broader downturn in the Perp DEX industry. After cooling demand in crypto trading, stocks have emerged as one of the few channels still capable of absorbing incremental volume. (Source: BlockBeats)
Perp DEX trading volume has dropped 63% since the October 2024 peak.
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Summary
Perp DEX trading volume has dropped 63.4% since reaching a peak of $1.36 trillion in October 2024, now standing at $498.2 billion over the past 30 days. Hyperliquid’s daily average futures volume declined from $59.88 billion to $30.58 billion, while Lighter’s fell by 33.3%. HLP and LLP liquidity provider yields are near zero, with Hyperliquid’s HLP yielding 0.018% over 30 days. Bridge funds remain stable, indicating liquidity has not fully exited. Trade.xyz’s trading volume increased by 32.1%, with traditional assets such as stocks accounting for 62.7% of its transaction volume.
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