In July, the trading volume of perpetual futures on centralized cryptocurrency exchanges plummeted to $4 trillion, marking the lowest point since December 2023, according to data from CryptoRank.
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, trading volumes have once again declined across all major platforms.
Binance continues to lead in monthly trading volume for perpetual futures, reporting $1.4 trillion. Following behind are OKX with $607 billion and Bybit with $300 billion.
The downturn has also affected spot trading. According to Coinglass, the average daily trading volume in July decreased by 23.6%, falling from $17.8 billion to $13.6 billion.
Source: Coinglass.On decentralized exchanges (DEX), the trading volume for perpetual contracts last month totaled $531 billion, a 21% decrease from June's $676 billion, marking the lowest since June 2025, as reported by DefiLlama.
Source: DefiLlama.The open interest on decentralized platforms fell to $17.9 billion in July, down from a peak of $19.4 billion in September 2025.
The top DEX by volume over the past 30 days was Hyperliquid, which recorded a turnover of $199 billion.
It is also worth noting that in August, analysts from Glassnode reported an unprecedentedly prolonged capitulation phase for Bitcoin.