Onchain perpetual futures trading has experienced a significant downturn, with volumes on decentralized exchanges (DEXs) dropping to $699 billion in March 2026 from a peak of $1.36 trillion in October 2025. This decline marks five consecutive months of reduced trading activity, with daily volumes recently falling below $10 billion for the first time since September 2025, indicating a cooling trend in speculative demand within the crypto markets.
The decline in perpetual futures trading is particularly noteworthy as it follows a period of explosive growth in 2025, where cumulative volumes nearly tripled to $12.09 trillion. The current contraction suggests a shift in market dynamics, with trading increasingly concentrated in a few leading platforms. Hyperliquid, for instance, accounted for approximately 34% of the total volume among the top DEXs over the past month, highlighting the dominance of select players in a shrinking market.
For market professionals, this trend underscores the importance of monitoring liquidity and trading activity on major platforms, as the concentration of volume could impact pricing and volatility in the broader crypto ecosystem.
Source: cointelegraph.com