Crypto gains remain below their 2025 highs after the October market shock, according to CoinGecko’s State of Crypto Perpetuals Report 2026.
The total open crypto market has fallen from a peak of $210 billion on October 7, 2025, just before The event of 10 October was canceledto $ 99.09 billion by April 2026. This leaves open interest in the market more than 50% below its level, indicating that traders have not reinvested profits in the same direction.
Opening Interest is more than 50% below its peak
The decline comes as the central exchange continues to trade crypto derivatives. However, their performance weakened in 2026.
The top 11 CEXs reached $7.11 trillion in monthly trading volume in 2025. This fell to $4.69 trillion in the first four months of 2026, a 34% decline.
Binance and OKX remain the main hubs. By early 2026, Binance held 33% of CEX’s market share, while OKX held 15%.
Perp DEXs Earn Down Despite CEX Dominance
However, the market’s shift to derivatives on the chain remains to be seen. Perp DEXs recorded $6.38 trillion in sales in 2025, up from $1.50 trillion in 2024.
Their pace has slowed this year, but volumes are still above the initial levels of 2025. The top 12 DEXs were worth $611.57 billion per month in 2026, compared to $531.65 billion in 2025.
Hyperliquid remains a clear example of change. The platform managed $190.28 billion in April volume, placing it next to BingX and ahead of KuCoin.
Perp DEXs also gained attention. Their share rose to 13.5% at the end of April 2026, while CEX’s share fell from 96.4% at the beginning of 2025 to 86.5%.
In the meantime, CEXs continue to compete through aggressive listings. MEXC added 879 new contracts from January 2025 to April 2026, while BingX added 565.
New DEXs are also gaining traction. Pacifica, Extended, and Variational will participate from older platforms, with the help of software that will make airdrop-driven merchants more efficient.
The data shows that the opportunity has returned after October. CEXs still dominate the majority of the market, but DEXs now have enough volume and open interest to create the next phase of crypto trading.
A note Crypto Leverage Still Down 50% After October’s Black Crash, CoinGecko Shows appeared for the first time BeInCrypto.
