{"id":95950,"date":"2026-04-06T16:37:08","date_gmt":"2026-04-06T13:37:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95950"},"modified":"2026-04-06T16:40:14","modified_gmt":"2026-04-06T13:40:14","slug":"perp-dex-trading-volumes-plummet-over-50-since-october","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/perp-dex-trading-volumes-plummet-over-50-since-october\/","title":{"rendered":"Perp-DEX Trading Volumes Plummet Over 50% Since October"},"content":{"rendered":"<p>Since October 2025, the monthly trading volume on <a href=\"https:\/\/forklog.com\/en\/news\/perp-dex-old-tricks-new-tech\">perp-DEX<\/a> has decreased from $1.36 trillion to $699 billion by March 2026, according to <a href=\"https:\/\/defillama.com\/perps?groupBy=monthly\">DefiLlama<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-001536187b30d17a-1083785876332605.webp\" alt=\"DefiLlama: perp-DEX trading volumes\" class=\"wp-image-278052\"\/><figcaption class=\"wp-element-caption\">Source: DefiLlama.\u00a0<\/figcaption><\/figure>\n<p>The decline has been steady: volumes decreased in November and December. The downward trend continued into early 2026.\u00a0<\/p>\n<p>Daily activity also shows signs of weakening. On April 4, perpetual futures trading volume reached $8.4 billion \u2014 the lowest level since July 5 of the previous year. The last time the metric fell below $10 billion was in September.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">Hyperliquid Leads, but the Market Consolidates<\/h2>\n<p>The leading platform for trading &#8220;perps&#8221; remains <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a>, with a volume of $185.5 billion over the past month \u2014 accounting for 34% of the total across all top-10 perp-DEX. The platform <a href=\"https:\/\/forklog.com\/en\/news\/traders-shift-to-hyperliquid-for-oil-and-gold-trading-amid-geopolitical-tensions\">benefits<\/a> from the popularity of derivatives tied to traditional assets like oil and gold.\u00a0<\/p>\n<p>In March, Hyperliquid&#8217;s daily turnover reached a record $5.4 billion. Besides Bitcoin and Ethereum, the most popular contracts continue to include futures on WTI and Brent crude oil:\u00a0<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e259b9ab2d717447-1083799872446912.webp\" alt=\"Hyperliquid: most popular perpetual futures on Hyperliquid\" class=\"wp-image-278053\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/app.hyperliquid.xyz\/trade\">Hyperliquid<\/a>.\u00a0<\/figcaption><\/figure>\n<p>In second place among perp-DEX, the Binance-supported exchange Aster was overtaken by edgeX \u2014 $73 billion compared to $68 billion. Once in the top three, Lighter has fallen to fifth place ($50 billion).\u00a0<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e0e0abf0b02d8ad1-1083812697216801.webp\" alt=\"DefiLlama: top-10 perp-DEX\" class=\"wp-image-278054\"\/><figcaption class=\"wp-element-caption\">Source: DefiLlama.\u00a0<\/figcaption><\/figure>\n<p>Smaller platforms like ApeX Protocol, Variational, and StandX recorded between $16 billion and $33 billion. Most on-chain activity for perpetual futures is concentrated on leading platforms.\u00a0<\/p>\n<p>Earlier in April, a surge in oil prices <a href=\"https:\/\/forklog.com\/en\/news\/oil-price-surge-triggers-17-million-liquidation-of-hyperliquid-whale\">liquidated<\/a> a $17 million position held by a Hyperliquid whale.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since October 2025, the monthly trading volume on perp-DEX has decreased from $1.36 trillion to $699 billion by March 2026, according to DefiLlama.<\/p>\n","protected":false},"author":1,"featured_media":95951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Perp-DEX trading volumes have dropped over 50% since October 2025.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2365,787,1823],"class_list":["post-95950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aster","tag-dex","tag-hyperliquid"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"Perp-DEX trading volumes have dropped over 50% since October 2025.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=95950"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95950\/revisions"}],"predecessor-version":[{"id":95952,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95950\/revisions\/95952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/95951"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=95950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=95950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=95950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}