TL;DR
- CEX perpetual futures volume fell to $4 trillion in July, reaching its lowest monthly level since December 2023.
- Binance remained the largest venue with $1.4 trillion, followed by OKX with $607 billion and Bybit with $300 billion.
- DEX perpetual volume also declined, although Hyperliquid continued expanding its role through growing RWA activity and broader onchain markets.
Crypto perpetual futures trading on centralized exchanges (CEXs) slowed sharply in July, with CEX perp trading volume falling to $4 trillion, its lowest monthly level in 31 months. The decline followed a brief recovery between April and June and reflects a broader reduction in speculative activity across crypto markets.
According to data shared by CryptoRank, Binance handled approximately $1.4 trillion in perpetual futures volume during July. OKX followed with $607 billion, while Bybit recorded around $300 billion. Despite the decline, major centralized venues continue to process substantial derivatives liquidity, preserving their importance for traders seeking leverage and deep market liquidity.
CEX Perp Trading Volume Signals A Market Reset
The decline does not necessarily indicate a structural deterioration in crypto adoption. Derivatives activity fluctuates significantly with volatility, liquidity and traders’ appetite for leverage, meaning a period of lower volume can also reflect reduced short-term speculation rather than a fundamental loss of interest in digital assets.
Activity on decentralized exchanges also weakened. DEX perpetual volume reached $531 billion in July, down 21% from $676 billion in June, according to DefiLlama. It was the lowest monthly level since June 2025, continuing a broader decline from the $1.36 trillion recorded in October 2025.
DEX open interest also decreased to $17.9 billion in July from a September 2025 peak of $19.4 billion. The decline in open interest points to fewer unsettled leveraged positions, offering another indication that traders reduced exposure during the month.
Hyperliquid And RWAs Offer A Different Growth Path
Hyperliquid remained the leading decentralized venue, recording $199 billion in reported perpetual trading volume over the past 30 days. Its development also illustrates how onchain derivatives markets are expanding beyond traditional crypto assets and creating new opportunities for decentralized financial infrastructure.
Tokenized real-world assets have become an increasingly important component of Hyperliquid activity. RWAs represented 32% of its second-quarter trading activity and generated 6.6% of the protocol’s $169 million quarterly revenue. Between July 13 and July 19, tokenized assets represented 52% of weekly trading volume, becoming the platform’s largest trading category for the first time.
