According to CoinMeta, the trading volume in the crypto market has significantly shrunk recently. Over the past 30 days, the trading volume was approximately 498.2 billion US dollars, which is a 63.4% decrease from the peak level in October last year. Among them, the average daily trading volume of hyperliquid crypto contracts dropped from 5.988 billion US dollars to 3.058 billion US dollars, nearly halving. The average daily trading volume of lighter also decreased by 33.3%. At the same time, the scale of hyperliquid HLP decreased by 21.8%, with a yield of only about 0.018% over the past 30 days. Although funds are still present, the main issue currently faced by Perp DEX is insufficient trading demand, rather than a flight of liquidity. A small portion of the expanded demand comes from traditional assets; the average daily trading volume of trade.xyz increased by 32.1%, offsetting the approximately 42.5% decline in trading volume of hyperliquid crypto contracts.