Perpetual DEX platforms have experienced a notable decline in trading volume, reaching a 9-month low of $699 billion in March 2026. This figure represents a significant drop from the October 2025 peak of $1.36 trillion, according to data from DefiLlama.
The sustained decline over five consecutive months indicates a decrease in speculative demand and leveraged positioning in crypto markets. Perpetual DEX volumes are widely used as an indicator of market sentiment, with a steady drop often signaling a pullback in risk appetite among traders.