The on-chain perpetual market is no longer just a minor pullback. In March, trading volume dropped to $699 billion, down significantly from the peak of $1.36 trillion on October 1 last year. On April 4th, the single-day volume was only $8.4 billion, directly falling below the $10 billion mark. Leading platforms are still capturing traffic, but leverage and speculative enthusiasm are clearly waning. The pace of short-term trading along this line will be much slower than in previous months. $HYPE $JUP $DYDX $GMX