Perpetual DEX activity is slowing down, with 8 of the top 10 platforms seeing volume declines over the last 30 days. The data points to a broader cooldown, not an isolated pullback.

Hyperliquid remains dominant with $186B in volume, controlling roughly 35% of the top-tier market. Its $7.69B open interest is over 3.6x larger than the next competitor, reinforcing a widening gap at the top.

Most platforms are bleeding activity. Lighter and Aster lead the decline with drops of 33% and 28.5%, suggesting incentive-driven volume is fading as rewards shrink.

Only two protocols are growing. TradeXYZ surged 57.5%, standing out as the only meaningful expansion, while Grvt posted a modest 2.8% gain.

The trend is clear. Liquidity is consolidating, and weaker players are losing momentum.

Is this the start of a deeper derivatives slowdown, or just rotation into stronger platforms?