Crypto perpetual futures trade activity on controlled exchanges fell to $4 trillion in July, the lowest level in 31 months. Volumes were last this low in December 2023.
According to a post on X by analytics platform CryptoRank, Binance had the highest monthly perpetual futures volume among centralized exchanges at $1.4 trillion. OKX followed with $607 billion and Bybit recorded $300 billion.
Perpetual futures volumes saw a short recovery from April to June, but then dropped again at all major exchanges in July.
https://x.com/CryptoRank_io/status/2085658806382719037
This 31-month low in perpetual futures activity happened while daily spot crypto trading volume also dropped by 23.6% in July, falling from $17.8 billion to $13.6 billion, according to analytics provider Coinglass.
Perpetual trading volume on decentralized exchanges dropped to $531 billion in July. This is the lowest level since June 2025 and marks a 21% decrease from the $676 billion reported in June 2026, according to data aggregator DefiLlama.
Perpetual trading volume on DEXs has been declining since it reached $1.36 trillion in October 2025. Open interest on DEXs also dropped to $17.9 billion in July, down from a peak of $19.4 billion in September 2025. Open interest shows the total value of active, unsettled contracts and can signal if new capital is entering or leaving the market.
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