According to DefiLlama data, the monthly trading volume of on-chain perpetual contract DEXs has declined for the fifth consecutive month, dropping from a peak of $1.36 trillion in October 2025 to $699 billion in March 2026. On April 4, daily trading volume further decreased to $8.4 billion, marking the first time since September 2025 that it has fallen below $10 billion, and reaching the lowest level since July of the previous year. Despite the overall cooling in trading activity, Hyperliquid maintained a strong performance with a 30-day trading volume of $185.5 billion, accounting for approximately 34% of the total volume among the top ten platforms.