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CEX perpetual futures trading drops to $4T, lowest since late 2023
Perpetual futures trading volume on centralized cryptocurrency exchanges (CEXs) fell to $4 trillion in July, marking its lowest level in 31 months. Analysts attribute the decline to weaker overall market activity.
According to CryptoRank, Binance remained the largest venue by trading volume with $1.4 trillion, followed by OKX ($607 billion) and Bybit ($300 billion).
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After a brief recovery between April and June, perpetual futures trading volumes resumed their decline across nearly all major centralized exchanges.
Spot market activity also weakened. According to Coinglass, average daily cryptocurrency trading volume fell 23.6%, from $17.8 billion at the beginning of July to $13.6 billion by the end of the month.
The trend extended to decentralized exchanges. According to DefiLlama, perpetual futures trading volume on DEXs dropped to $531 billion, the lowest level since June 2025. Compared with June, the figure declined by approximately 21%.
Hyperliquid remains the leading perpetual DEX
Despite the broader slowdown, Hyperliquid retained its position as the largest decentralized platform for perpetual futures trading. The protocol processed approximately $199 billion in trading volume over the past 30 days.
Open interest on decentralized exchanges also continued to decline. It stood at $17.9 billion in July, down from $19.4 billion recorded in September 2025. A decline in open interest generally indicates capital outflows and fewer outstanding positions.
Analysts also highlighted the growing role of real-world assets (RWAs) within the Hyperliquid ecosystem.
During the second quarter, RWA-related markets accounted for 32% of the platform's trading volume and 6.6% of its $169 million quarterly revenue. In July, RWAs became the largest trading category on Hyperliquid for the first time, representing 52% of weekly trading volume between July 13 and July 19.
The slowdown in perpetual futures trading comes despite continued growth in certain segments of the crypto industry.
Earlier, the market capitalization of tokenized RWAs surpassed $51 billion, increasing by about 40% since the beginning of 2026.
Analysts have also noted that despite rising adoption of tokenized real-world assets, Solana continues to trade below key resistance levels.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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