[On-chain perpetual contract trading volume declines for 5 consecutive months, shrinking nearly 50% from its peak] DefiLlama data shows that on-chain perpetual contract trading volume has been declining for 5 consecutive months since its peak of $1.36 trillion in October 2025, dropping to $699 billion in March 2026. Single-day trading volume on April 4 was $8.4 billion, marking a new low since July 2025. Over the past 30 days, Hyperliquid's trading volume was approximately $185.5 billion, accounting for about 34% of the total volume of the top ten platforms.