In July, trading volume for perpetual futures on centralized crypto exchanges fell to $4 trillion, marking the lowest level since December 2023, according to CryptoRank data.
CEX Futures Volume Falls to Its Lowest Level Since December 2023
CEX futures volume fell to $4.0T in July 2026, a 31-month low. The recovery that ran from April through June is over, and no major venue was spared. pic.twitter.com/l7qNXSQYSa
— CryptoRank.io (@CryptoRank_io) August 7, 2026
After a brief recovery from April to June, volumes declined again across all major platforms.
Binance maintained its lead in monthly perpetual futures volume with $1.4 trillion, followed by OKX with $607 billion and Bybit with $300 billion.
The decline also affected spot trading. According to Coinglass, the average daily trading volume in July dropped by 23.6%, from $17.8 billion to $13.6 billion.
On DEX, perpetual contract turnover for the past month was $531 billion, according to DefiLlama. This is 21% lower than the June level of $676 billion and the lowest since June 2025.
Open interest on decentralized platforms in July fell to $17.9 billion, with the peak at $19.4 billion in September 2025.
Hyperliquid became the largest DEX by volume over the past 30 days, with a turnover of $199 billion.
In August, Glassnode analysts reported a record-long phase of Bitcoin capitulation.
