As of April 23, 2026, the decentralized perpetuals (Perp DEX) sector is witnessing a violent return to form. Following hotter-than-expected CPI data and the final approval of the ETH-Staking Spot ETFs, on-chain perp volumes have spiked to levels not seen since the late-2025 rally. For dYdX and GMX, these macro headlines have acted as a massive catalyst, pushing both assets into aggressive short-term uptrends.