CEX perpetual futures volume falls to $4T in July
Perpetual futures trading on centralized exchanges fell to $4 trillion in July, a 31-month low; Binance $1.4T, OKX $607B and Bybit $300B.
CryptoRank reported that perpetual futures trading on centralized cryptocurrency exchanges fell to $4 trillion in July, the lowest monthly total since December 2023. Binance accounted for $1.4 trillion, OKX $607 billion and Bybit $300 billion.
CryptoRank noted that volumes had briefly recovered between April and June before declining across major venues in July.
Average daily spot trading also decreased during July. Data from Coinglass shows average daily spot volume fell 23.6%, from $17.8 billion on July 1 to $13.6 billion on July 31.
On decentralized exchanges, DefiLlama recorded perpetuals volume of $531 billion for July, the lowest level since June 2025 and about 21% below June 2026’s $676 billion. Open interest on DEXs eased to $17.9 billion in July from $19.4 billion in September 2025. Open interest measures the total value of active, unsettled contracts.
Hyperliquid reported roughly $199 billion in trading volume over the prior 30 days. Tokenized real-world assets made up 32% of Hyperliquid’s second-quarter trading and contributed 6.6% of the protocol’s $169 million in quarterly revenue. Between July 13 and July 19, tokenized RWAs accounted for 52% of Hyperliquid’s weekly trading volume, becoming its largest category for that week.
Perpetual futures are derivative contracts without an expiry date that allow traders to take leveraged long or short positions on crypto assets.
In July, centralized and decentralized perpetuals volumes fell alongside lower spot turnover and reduced open interest on some DEXs.
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