BlockBeats News, April 6th, data shows that on-chain perpetual contract (Perp) trading has cooled down after experiencing a peak in 2025. According to DefiLlama data, in March 2026, decentralized exchange (DEX) perpetual contract trading volume dropped to around $699 billion, a significant retreat from the peak of $1.36 trillion in October 2025, marking a continuous 5-month decline.
Daily data also weakened. On April 4th, on-chain Perp DEX trading volume fell to $84 billion, breaking below $100 billion for the first time since September 2025, and hitting the lowest level since July 2025, indicating a significant cooling in market speculation and leverage demand.
Looking at the platform landscape, Hyperliquid still maintains an absolute lead, with a trading volume of about $185.5 billion in the past 30 days, accounting for approximately 34% of the top ten platforms’ total volume; followed by edgeX and Aster, with around $73 billion and $68 billion, respectively.
Analysis believes that Perp DEX trading volume is usually seen as a key indicator of market risk appetite and leverage levels. This ongoing decline reflects that after experiencing rapid growth in 2025, the on-chain derivatives market is entering a phase of adjustment, with liquidity further concentrating towards top platforms.
