Just hit a major milestone—decentralized exchanges have crossed $1 trillion in monthly perpetual futures volume. What's driving this explosion? Turns out the absence of a traditional altcoin rally is pushing traders to chase leverage and volatility through perps instead. When the alt season narrative fades, perps become the playground where traders amplify their positions. This shift reveals something interesting about market dynamics: without the retail-driven altcoin hype cycle, sophisticated traders are rotating capital into derivatives on DEXs. The data suggests the perpetual futures market is maturing faster than expected, becoming a core trading venue rather than a niche segment.