Perpetual futures trading slows amid macro caution and looming options expiry

Trading volumes on major decentralised perpetual futures exchanges have declined as traders adopt a more cautious stance ahead of significant options expiries, with industry leaders maintaining resilience despite recent slowdown.

Trading on major perpetual futures decentralised exchanges has eased as risk appetite in crypto markets softened, according to recent on‑chain metrics and market commentary. Data compiled by analytics platforms showed a notable pullback in 24‑hour volumes, led by a roughly 15.5% decline at the largest venue over the period. (Sources: DefiLlama and market reports indicated the drop and broader slowdown.)

Hyperliquid remained the dominant venue despite the short‑term fall, processing about $60.3 billion of trading in the latest 24‑hour window and maintaining substantial liquid resources and open interest that keep it central to leveraged markets. Industry observers note the platform’s depth and product expansion efforts underpin its resilience even as daily turnover fluctuates.

Second‑tier venues showed mixed fortunes. Aster kept a clear position behind the leader with daily volumes in the mid‑tens of billions and relatively steady open interest and TVL, while EdgeX, Lighter, Grvt and Pacifica reported lower but still significant activity levels, highlighting a competitive landscape where execution, liquidity and incentives shape market share.

The trading slowdown has coincided with softer spot price action and a modest contraction in total market capitalisation, with leading cryptocurrencies nudging lower over the same interval. Traders have been trimming large leveraged positions amid choppy signals in spot markets and a backdrop of cautious macro newsflow.

Market participants also flagged a looming $8.9 billion options expiry across Bitcoin and Ethereum as a near‑term structural headwind for derivatives turnover, with desks expecting positioning ahead of settlement to temper directional moves and reduce aggressive leverage usage in the immediate sessions.

The recent ebb in daily volumes sits alongside a much larger structural picture: perpetual DEXs recorded extraordinary growth through 2025, with several months posting record monthly volumes driven by incentives, liquidations and expanding retail and institutional on‑chain activity. That expansion has intensified competition for market share even as episodic volume swings persist.

Analysts remain split on the implications. Some argue Hyperliquid’s dominant open interest and liquidity profile make it the most robust long‑term venue, while others point to rapid gains at rivals during surge months as evidence that market share can shift quickly when product features or incentives change. For now, reduced leverage demand, macro caution and concentrated expiries appear to be the principal drivers of the present lull in perpetuals trading.

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Source: Noah Wire Services