Key TakeawaysOnchain perp DEX volume fell to $699B in March, down from $1.36T peak in October 2025.Daily volume dropped to $8.4B, lowest since July 2025.Hyperliquid leads with $185.5B monthly volume (~34% share).Decline signals reduced speculative demand and leverage in crypto markets.Perpetual DEX Volumes Extend Multi-Month DeclineOnchain perpetual futures trading continues to weaken, with decentralized exchange (DEX) volumes declining for five consecutive months since peaking in late 2025.Data shows monthly perp DEX volume dropped to $699 billion in March 2026, nearly halving from the $1.36 trillion recorded in October 2025, according to DefiLlama.The decline has been consistent, with volumes trending lower through November and December before extending losses across Q1 2026.Daily Trading Activity Hits Multi-Month LowsThe slowdown is also visible in daily trading metrics.On April 4, perp DEX volume fell to $8.4 billion, marking the first sub-$10 billion reading since September 2025 and the lowest level since July 2025.Perpetual futures volumes are widely viewed as a proxy for speculative activity and leveraged positioning, suggesting a broader cooling in trader risk appetite.Trading Activity Concentrates Among Top PlatformsDespite the overall decline, activity remains heavily concentrated.Hyperliquid dominates the sector with $185.5 billion in 30-day volume, accounting for roughly 34% of total volume among leading platforms.Other major players include:edgeX: ~$73BAster: ~$68BLighter: ~$50BGrvt: ~$40BSmaller platforms recorded significantly lower activity, highlighting ongoing liquidity concentration in the sector.Cooling Follows Record Growth in 2025The decline comes after a period of rapid expansion.Perp DEXs generated $12.09 trillion in total volume in 2025, with approximately 65% of that activity occurring within the year. Monthly volumes averaged close to $1 trillion during Q4 2025, marking peak speculative engagement.