BlockBeats News, August 7th, according to TradingBeats monitoring, Perp DEX has exited its previous high turnover phase. The total market trading volume in the past 7 days has decreased by about 13.7% compared to the previous period, with the current volume in the past 30 days at around $498.2 billion, a 63.4% shrinkage from the peak of around $1.36 trillion in October last year.The ebb is most pronounced in crypto perpetuals. Comparing two four-day windows from June 22nd to 25th (the storage peak) and August 3rd to 6th, Hyperliquid's daily average trading volume for crypto contracts dropped from $5.988 billion to $3.058 billion, almost halving; Lighter dropped from $1.666 billion to $1.111 billion, a 33.3% decrease;In addition, GRVT's weekly average trading volume decreased by about 59.1% from the previous daily average, dYdX by about 43.2%; during the same period, Perp weekly trading on Ethereum and Solana decreased by 26.8% and 22.5%, respectively.The contraction in trading demand has now transmitted to liquidity provider earnings. Hyperliquid's HLP volume decreased by 21.8% to around $215 million compared to June, Lighter's LLP decreased by 19.9% to $80.62 million; with HLP's yield in the past 30 days at only about 0.018%, close to zero, the strategy treasury return has also almost stalled as the fund size shrinks.It is reported that well-known crypto market maker Wintermute also obtained a U.S. brokerage license today, preparing to enter Wall Street's market-making business.However, the issue is not a comprehensive fund exodus from the platform. During the same period, the stockpile funds in the Hyperliquid Bridge actually increased from $5.773 billion to $5.940 billion, a growth of 2.9%; the Lighter Bridge also increased by about 2.0%. The funds are still there, and the current challenge facing the Perp DEX is more like insufficient trading demand rather than just liquidity outflow.A small amount of the still expanding demand comes from traditional assets. Trade.xyz's daily average trading volume increased from $3.888 billion to $5.134 billion, a 32.1% growth, offsetting the approximately 42.5% decline in Hyperliquid crypto contract trading. In the two categories of crypto and traditional asset contracts, Trade.xyz's trading volume share also increased from 39.4% to 62.7%, a 23.3 percentage point increase.Traditional assets such as stocks are reshaping the trading landscape within Hyperliquid, but this alone is not enough to reverse the overall decline in the Perp DEX industry. With the waning interest in traditional crypto trading, stocks have become one of the few directions that can still attract incremental trading volume.