Perp DEX Volume Shakeout: Who Is Winning and Losing in September 2026
Onchain perp DEX volume peaked at $1.36T in October 2025, then fell for five straight months to a 2026 low in April. It has not recovered — the last 30 days totaled roughly $423B, with Hyperliquid alone now taking ~58% share. Here is who is gaining, who is down 74% in three months, who is rebuilding after a $285M hack, and where BULK Exchange — live on mainnet since September 5 — fits into a shrinking, consolidating market.