According to Rhythm BlockBeats stats:

In April 2026, the spot trading volume of mainstream CEXs fell by 9.96% compared to March 2026, while the perpetual contract trading volume dropped by 13.61%. The decline in contracts continues to outpace that of spot, indicating a notable contraction in market leverage demand.

User-side cooling: In April, the website traffic of mainstream CEXs dropped by 14.61% compared to March 2026, and the download volume of mainstream CEXs decreased by 1.85% in April compared to March 2026.

The on-chain derivatives market is cooling off more significantly: In April, the trading volume of mainstream Perp DEX perpetual contracts dropped by 21.10% compared to March 2026, and website traffic decreased by 5.7%.

Note: Some data may raise serious concerns about wash trading or bot activity. Spot and derivatives data sourced from Coingecko; traffic data sourced from Similarweb; download data sourced from Didi platform.