"On-chain perpetual futures trading slows… DEX volume falls for fifth straight month"

Source

Minseung Kang

Summary

It said that on-chain perpetual futures and DEX trading volume have declined for five consecutive months since the peak in October last year.
It reported analysis suggesting that the decline in volume indicates a simultaneous weakening in the market’s speculative demand and the intensity of leveraged positions.
It reported that as trading volume concentration continues in platforms such as Hyperliquid, EdgeX, and Aster, assessments have emerged that the on-chain derivatives market has entered a correction phase.

Forecast Trend Report by Period

On-chain perpetual futures trading has shown a clear slowdown since peaking in October last year.

According to crypto media outlet Cointelegraph on the 6th, decentralized exchange (DEX) perpetual futures trading volume fell to $699 billion in March this year from $1.36 trillion in October last year, marking a decline for five consecutive months.

Daily volume also showed weakness. Based on DefiLlama data, DEX perpetual futures volume on April 4 was tallied at $8.4 billion, falling below $10 billion for the first time since September last year. This is the lowest level since July 2025.

The market views the metric as reflecting speculative demand and the intensity of leveraged positioning. Analysts say the drop in volume suggests a simultaneous weakening in overall risk appetite and the use of leverage.

By platform, the concentration of volume has continued. Over the past 30 days, Hyperliquid posted about $185.5 billion, accounting for roughly 34% among top DEXs and recording the highest volume. It was followed by EdgeX at $73.0 billion and Aster at $68.0 billion.

Other major platforms such as Lyra and Grvot followed, while some small- and mid-sized DEXs recorded relatively low volumes.

Meanwhile, the market is assessing that after last year’s rapid growth, the on-chain derivatives market has entered a correction phase. In fact, cumulative annual trading volume in 2025 surged to about $12.09 trillion, with roughly 65% concentrated in 2025.