Analysis: On-chain perpetual contract trading has entered a period of adjustment, with Prep DEX trading volume declining for five consecutive months.

CoinFeed reported on April 6th that, according to Cointelegraph, DefiLlama data shows that on-chain perpetual contract (Perp) trading has declined for five consecutive months since peaking in October 2025. In March 2026, Perp DEX trading volume dropped to $699 billion, a significant decline from the peak of $1.36 trillion in October last year. Currently, Perp DEX trading volume remains highly concentrated on top platforms. Over the past 30 days, Hyperliquid recorded approximately $185.5 billion in trading volume, accounting for about 34% of the total volume of the top ten platforms. Furthermore, daily data also shows weakening activity. On April 4th, the daily trading volume dropped to $8.4 billion, the first time it has fallen below $10 billion since September 2025, and a new low since July 2025, reflecting a continued cooling of demand for leveraged trading and speculation.