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.
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
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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