Perpetual DEX trading volume dropped 34% year-over-year while open interest fell only 10%, signaling reduced trader engagement despite sustained leverage positions.
DeFi & Yields ·
Perpetual decentralized exchange trading volume has contracted sharply while open interest has remained relatively resilient. Average daily volume across perp DEXs fell from $32.4 billion to $21.4 billion across two consecutive six-month periods, a 34 percent decline, according to on-chain data analysis. Open interest decreased far more modestly, dropping from $16.4 billion to $14.8 billion—a 10 percent decrease—suggesting that while traders have reduced transaction activity, they have largely maintained their leveraged positions.
The divergence between volume and open interest changes points to a shift in market dynamics. Capital that previously cycled through the market roughly twice daily now turns over approximately 1.45 times, down from 1.98x turnover in the prior period. This indicates that while large notional positions remain deployed, the pace of trading activity has slowed considerably, potentially reflecting lower volatility or reduced speculative engagement despite sustained use of leverage.
The data leaves unresolved whether the volume decline reflects seasonality, shifts in trader behavior toward other instruments, or structural changes in perpetual DEX market structure. Whether open interest will eventually follow volume lower, or stabilize at current levels, remains unclear.