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On-chain perpetual futures trading on decentralized exchanges has seen a steady five-month decline, dropping from $1.36 trillion in October 2025 to $699 billion in March 2026. Daily volumes touched $8.4 billion on April 4, the lowest level since July 2025, signaling reduced market activity. Trading is increasingly concentrated, with Hyperliquid alone contributing about 34% of the past 30-day volume. The trend indicates a slowdown in overall participation, with liquidity and market influence consolidating among a few dominant players.
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