Trading Volume of Perpetual Futures on CEX Hits 2023 Lows
July saw a major decline in perpetual futures trading volume on centralized exchanges, dropping to $4 trillion, the lowest since December 2023.
Mercation Admin
August 7, 2026 1 min read
July witnessed a significant drop in the trading volume of perpetual futures on centralized cryptocurrency exchanges, plummeting to $4 trillion, the lowest since December 2023, according to CryptoRank data.
CEX Futures Volume Falls to Its Lowest Level Since December 2023
In July 2026, CEX futures volume hit $4.0 trillion, marking a 31-month low. The recovery seen from April to June has come to an end, impacting all major platforms. pic.twitter.com/l7qNXSQYSa
Following a brief uptick in trading activity from April through June, volumes have decreased across all major exchanges.
Leading the pack, Binance recorded a monthly trading volume of $1.4 trillion in perpetual futures, with OKX and Bybit following at $607 billion and $300 billion, respectively.
This decline also extended to spot trading, where the average daily volume fell by 23.6%, from $17.8 billion in June to $13.6 billion in July, as reported by Coinglass.
Source: Coinglass.
On decentralized exchanges (DEX), perpetual contract trading volume reached $531 billion in July, a 21% decline from June’s $676 billion, marking the lowest level since June 2025, according to DefiLlama.
Source: DefiLlama.
Open interest on decentralized platforms decreased to $17.9 billion in July, down from a high of $19.4 billion in September 2025.
Hyperliquid emerged as the top DEX by volume in the past month, achieving a turnover of $199 billion.
Additionally, analysts from Glassnode highlighted a prolonged capitulation phase for Bitcoin in August, indicating ongoing market challenges.
