Perp DEX daily volume fell to $8.4 billion on April 4, its first sub-$10 billion level since September and the lowest since July, DefiLlama data shows.
Onchain perpetual futures trading has cooled for five straight months since peaking in October 2025.
Perp volume on decentralized exchanges (DEXs) fell to $699 billion in March 2026 from October’s $1.36 trillion, according to DefiLlama data.
The decline has been steady across the period, with volumes slipping through November and December before losses extended through the first quarter of 2026.
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