According to DefiLlama data, on-chain perpetual contract (Perp) trading has declined for five consecutive months since peaking in October 2025. In March 2026, Perp DEX trading volume dropped to $699 billion, a significant decline from the peak of $1.36 trillion in October of last year. Furthermore, daily data also shows weakening activity; on April 4th, daily trading volume fell to $8.4 billion, the first time it has fallen below $10 billion since September 2025, and a new low since July 2025, reflecting a continued cooling of demand for leveraged trading and speculation. In addition, current Perp DEX trading volume remains highly concentrated on top platforms. Over the past 30 days, Hyperliquid recorded approximately $185.5 billion in trading volume, accounting for about 34% of the total trading volume of the top ten platforms. (Cointelegraph)