Since October 2025, the monthly trading volume on perp-DEX has dropped from $1.36 trillion to $699 billion in March 2026, according to data from DefiLlama.
The decline has been consistent, with volumes decreasing in November and December. The downward trend continued into early 2026.
Daily activity also shows signs of weakening. On April 4, the trading volume of perpetual futures hit $8.4 billion—the lowest level since July 5 of last year. The metric last fell below $10 billion only in September.
Hyperliquid Leads, But Market Consolidates
The leading platform for trading perpetuals remains Hyperliquid, with a volume of $185.5 billion over the past month—34% of the total volume across the top 10 perp-DEX. The platform benefits from the popularity of derivatives tied to traditional assets like oil and gold.
In March, Hyperliquid's daily trading volume reached a record $5.4 billion. Alongside Bitcoin and Ethereum, the most popular contracts still include futures for WTI and Brent crude oil:
Source: Hyperliquid.
In second place among perp-DEX, the Binance-supported exchange Aster has overtaken edgeX—$73 billion compared to $68 billion. Once a top-three contender, Lighter has dropped to fifth place ($50 billion).
Source: DefiLlama.
Smaller platforms like ApeX Protocol, Variational, and StandX recorded volumes ranging from $16 billion to $33 billion. Most on-chain activity for perpetual futures is concentrated on leading platforms.
As a reminder, in early April, a spike in oil prices liquidated a $17 million position for a Hyperliquid whale.