Crypto perpetual futures trading volume on centralized cryptocurrency exchanges (CEXs) fell to $4 trillion in July, marking a 31-month low last seen in December 2023.
Binance led CEXs with $1.4 trillion in monthly perpetual futures volume, followed by OKX with $607 billion and Bybit with $300 billion, analytics platform CryptoRank said in a Friday X post.
Perpetual futures volumes briefly recovered between April and June before declining across all major venues in July.
The 31-month low in perpetual futures activity came as daily spot crypto trading volume fell 23.6% between July 1 and July 31, from $17.8 billion to $13.6 billion, according to analytics provider Coinglass.
Perps volume on DEXs nears one-year low
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.
Perps trading volume on DEXs has trended lower since the $1.36 trillion seen in October 2025.
Open interest on DEXs has also fallen to $17.9 billion in July from a peak of $19.4 billion in September 2025. Open interest measures the total value of active, unsettled contracts and can indicate whether new capital is entering or exiting the market.
Related: Hyperliquid RWA contracts grow to 32% of trading activity in Q2
Hyperliquid was the leading DEX with $199 billion in reported trading volume over the past 30 days. A growing share of Hyperliquid‘s trading volume has come from tokenized real-world assets (RWAs), which accounted for 32% of Hyperliquid’s second-quarter trading activity, generating 6.6% of the protocols $169 million quarterly revenue.
Tokenized assets became Hyperliquids largest trading category for the first time last month, with RWAs accounting for 52% of its total weekly trading volume between July 13 and July 19.