Perp DEX Volumes Plummet by Over Half Since October Peak

Perpetual derivatives exchanges (perp DEXs) have seen their trading volumes plummet over the past five months, according to data from DefiLlama. The monthly volume on these platforms dropped from $1.36 trillion in October 2025 to $699 billion in March 2026. This decline marks a significant drop in speculative demand and leveraged positioning in crypto markets.

The trading activity remains concentrated among the top platforms, with Hyperliquid accounting for approximately 34% of total activity across the top 10 perp DEX venues over the past 30 days. The platform generated around $185.5 billion in volume during this period, followed by edgeX at $73 billion and Aster at $68 billion.

The current slowdown follows a period of sharp expansion, with perp DEX platforms nearly tripling their cumulative trading volume in 2025 to reach $12.09 trillion. The fourth quarter of 2025 saw an average monthly activity of nearly $1 trillion before the decline began.