CoinGecko's 2026 report on perpetuals reveals a significant decline in total crypto open interest, which decreased from $210 billion before October's liquidation event to $99.09 billion by April 2026. According to NS3.AI, this represents a reduction of more than 50% from its peak levels. The report also highlights that the top 11 perpetual centralized exchanges (CEXs) recorded an average monthly volume of $4.69 trillion during the first four months of 2026, a decrease from $7.11 trillion in 2025. Despite this downturn, perpetual decentralized exchanges (DEXs) increased their market share, capturing 13.5% of open interest by the end of April 2026, while the share of CEXs declined to 86.5%.