Crypto perpetual futures trading volume on centralized exchanges (CEXs) fell to $4 trillion in July, marking a 31‑month low last seen in December 2023, according to analytics platform CryptoRank. Binance led CEXs with $1.4 trillion in monthly volume, followed by OKX with $607 billion and Bybit with $300 billion.

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Perpetual futures volumes briefly recovered between April and June before declining across all major venues in July. Consequently, daily spot crypto trading volume fell 23.6% between July 1 and July 31, from $17.8 billion to $13.6 billion, data from Coinglass shows.

Meanwhile, perpetual trading volume on decentralized exchanges (DEXs) fell to $531 billion in July, the lowest level since June 2025 and a 21% decline from the $676 billion seen in June 2026, according to data aggregator DefiLlama. Open interest on DEXs also dropped to $17.9 billion in July from a peak of $19.4 billion in September 2025. Hyperliquid was the leading DEX with $199 billion in reported trading volume over the past 30 days, while tokenized real‑world assets accounted for 52% of its weekly volume in mid‑July.

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