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This report selects four Perp DEXs with relatively complete DefiLlama operating data disclosures last quarter: Hyperliquid, edgeX, Lighter, and ApeX. Interestingly, these four protocols cover four different revenue tiers: quarterly revenue over 100 million, over 10 million but less than 100 million, over 5 million but less than 10 million, and more than one million but less than 5 million. Although these four protocols do not represent the entire Perp DEX industry, they basically form a business model from the top to the bottom and the tail, which is why I have grouped them together. I analyzed their Q2 operating data performance, and overall, I can draw a simple conclusion: the combined Q2 revenue of the four sample protocols fell by 21.4% quarter-on-quarter. Why is this change worth mentioning? Because, as commonly believed, trading market performance should be linked to secondary market activity. However, if we pull out $BTC's market movement, we can see that in the first quarter, except for a period of about half a month of downward main trend, BTC mostly fluctuated within a range. The market fluctuations throughout the second quarter were clearly more pronounced than in the first quarter. According to common understanding, larger price fluctuations usually bring more trading demand, at least making the market more active than during a volatile phase. However, PerpDEX's total revenue declined quarter-on-quarter. And this trend isn't limited to P