CEX Perpetual Futures Volume Falls to $4T, Lowest Since Late 2023

Crypto perpetual futures buying and selling quantity on centralized cryptocurrency exchanges (CEXs) fell to $4 trillion in July, marking a 31-month low final seen in December 2023.

Binance led CEXs with $1.4 trillion in month-to-month perpetual futures quantity, adopted by OKX with $607 billion and Bybit with $300 billion, analytics platform CryptoRank stated in a Friday X post.

Perpetual futures volumes briefly recovered between April and June earlier than declining throughout all main venues in July.

The 31-month low in perpetual futures exercise got here as each day spot crypto buying and selling quantity fell 23.6% between July 1 and July 31, from $17.8 billion to $13.6 billion, according to analytics supplier Coinglass.

Supply: CryptoRank

Perps quantity on DEXs nears one-year low

Perpetual buying and selling quantity on decentralized exchanges (DEXs) fell to $531 billion in July, the bottom degree since June 2025 and a 21% decline from the $676 billion seen in June 2026, according to information aggregator DefiLlama.

Perpetuals buying and selling quantity on decentralized exchanges. Supply: DefiLlama

Perps buying and selling quantity on DEXs has trended decrease for the reason that $1.36 trillion seen in October 2025.

Open curiosity on DEXs has additionally fallen to $17.9 billion in July from a peak of $19.4 billion in September 2025. Open curiosity measures the overall worth of energetic, unsettled contracts and may point out whether or not new capital is coming into or exiting the market.

Associated: Hyperliquid RWA contracts grow to 32% of trading activity in Q2

Hyperliquid was the main DEX with $199 billion in reported buying and selling quantity over the previous 30 days. A rising share of Hyperliquid’s buying and selling quantity has come from tokenized real-world belongings (RWAs), which accounted for 32% of Hyperliquid’s second-quarter buying and selling exercise, producing 6.6% of the protocol’s $169 million quarterly income. 

Tokenized belongings turned Hyperliquid’s largest trading class for the primary time final month, with RWAs accounting for 52% of its whole weekly buying and selling quantity between July 13 and July 19.

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