Data from DefiLlama shows that perp DEX volume hit $1.89 trillion in Q1, nearly doubling from $982 billion in Q1 2025, highlighting the sharp increase in on-chain trading activity. Yet, the market structure remains largely unchanged. Hyperliquid and Solana continue to rank as the two most-used chains for perpetual trading, while Ethereum remains a distant fifth despite its broader DeFi dominance.