CEX Perpetual Futures Volume Plummets to 31‑Month Low

Crypto perpetual futures trading volume plunged to a 31‑month low in July.

Centralized Exchanges Feel the Shock

According to CryptoRank, the perpetual futures volume on centralized exchanges (CEX) fell to $4 trillion, the lowest level since December 2023.

■Binance led with $1.4 trillion,

■OKX contributed $607 billion,

■Bybit added $300 billion,

■Remaining CEXs collectively accounted for $1.7 trillion.

Decentralized Exchanges See Accelerating Pull‑back

DefiLlama reports that decentralized exchange (DEX) perpetual futures volume slipped to $531 billion, the lowest figure since June 2025.

■June 2026 volume was $676 billion,

■July 2026 saw a 21% decline,

■Open interest dropped to $17.9 billion, below the September 2025 peak of $19.4 billion.

Liquidity Trends and Open Positions

A 23.6% drop in daily spot trading volume, from $17.8 billion to $13.6 billion, reinforces the downward trajectory in futures markets.

■Daily spot volume fell 23.6%,

■Perpetual futures volume declined 12%,

■Hyperliquid’s RWA segment captured 32% of its trading activity.

The market signals a retreat from leveraged exposure as risk appetite wanes and volatility flattens. Institutional investors are reallocating capital toward safer spot markets, while DEXs witness a rise in tokenized real‑world assets (RWAs) as a fresh investment theme. This shift suggests diminishing demand for short‑term hedges and a growing focus on long‑term asset accumulation.