POPA ReconPerp Volume Cut in Half in Six Months - From $3.6T to $1.8T
Perp Volume Cut in Half in Six Months - From $3.6T to $1.8T Perp DEXs traded $1.8T in Q2 2026 - down 23% from Q1's $2.4T and exactly half the Q4'25 blowoff top of $3.6T. Two red quarters in a row after five straight green ones, and yet the zoom-out still flatters: a year ago the same market did $1.2T, and two years ago $550B. Hyperliquid remains the gravity well at $620B - a third of all volume but the interesting fight is behind it: Aster ($166B), Lighter and edgeX ($128B each), Apex Omni ($126B), and Grvt ($118B) are packed within a $50B band of each other. Half of that pack is still tok…
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