CEX perpetual futures volume falls to $4T, lowest since late 2023
Crypto perpetual futures trading volume weakened sharply in July. On centralized exchanges, monthly perp volume fell to $4 trillion, a 31-month low, after a brief recovery from April to June. Binance led with $1.4 trillion, followed by OKX at $607 billion and Bybit at $300 billion. Spot crypto trading also dropped 23.6% during July, from $17.8 billion to $13.6 billion per day. Perpetual trading on decentralized exchanges also slid, with July volume at $531 billion, down 21% from June and near a one-year low. DEX perp volume has been declining since a peak of $1.36 trillion, and open interest fell to $17.9 billion from $19.4 billion. Hyperliquid remained the top DEX, with $199 billion in 30-day volume, while tokenized RWAs became an increasingly large share of its activity.
