Key facts
- Centralized crypto exchange perpetual futures volume fell to $4 trillion in July.
- This is the lowest volume recorded on CEXs in 31 months.
- Binance, OKX, and Bybit were the top CEXs by perpetual futures volume.
- Decentralized exchange perpetual futures volume reached $531 billion in July.
- This marks the lowest DEX volume in approximately one year.
- Open interest on DEXs also declined in July.
Perpetual futures trading volume on centralized cryptocurrency exchanges (CEXs) experienced a significant decline in July, reaching $4 trillion, its lowest point in 31 months. This downturn follows a brief recovery period between April and June. Binance remained the leader among CEXs, recording $1.4 trillion in monthly volume, with OKX and Bybit following at $607 billion and $300 billion, respectively. The decrease in perpetual futures activity coincided with a 23.6% drop in daily spot crypto trading volume during July. Meanwhile, perpetual trading on decentralized exchanges (DEXs) also approached a one-year low, falling to $531 billion in July, a 21% decrease from June. Open interest on DEXs has also trended downwards, settling at $17.9 billion in July. Hyperliquid emerged as the top DEX, generating $199 billion in trading volume over the past 30 days, with tokenized real-world assets (RWAs) increasingly contributing to its activity, accounting for 52% of its weekly trading volume in mid-July.