Perp DEX monthly volume sees fifth straight month of decline

Trading volume on decentralized perpetual futures exchanges (Perp DEXs) has fallen for five consecutive months since peaking in October 2025, Cointelegraph reported. According to data from DeFiLlama, trading volume in March was $699 billion, a significant decrease from the $1.36 trillion recorded in October 2025. Daily trading volume on April 4 also fell to $8.4 billion, dipping below the $10 billion mark for the first time since September 2025 and marking its lowest level since July 2025. Despite the downturn, Hyperliquid has led the market over the past 30 days, with its trading volume of approximately $185.5 billion accounting for 34% of the total. The outlet suggested that the on-chain derivatives market has entered a correction phase, driven by a slowdown in speculative demand following a period of rapid growth in 2025.