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CEX perpetual futures volume hits $4T, lowest since late 2023

July CEX perps volume slid to $4.0 trillion, while DEX perpetuals fell to $531 billion and open interest on DEXs dropped to $17.9 billion.

Reported · Written up by our desk · Market Structure

Perpetual futures trading volume across crypto exchanges fell to a 31 month low in July, with centralized platforms reaching $4 trillion, according to Cointelegraph citing CryptoRank data.

Binance led monthly CEX perpetuals with $1.4 trillion, followed by OKX at $607 billion and Bybit at $300 billion. Cointelegraph also notes that CEX perpetuals briefly recovered between April and June before declining across major venues in July.

Cointelegraph reports that daily crypto spot trading volume also fell 23.6% in July, dropping from $17.8 billion on July 1 to $13.6 billion by July 31, as measured by Coinglass.

On decentralized exchanges, Cointelegraph says DEX perpetuals slid to $531 billion in July, the lowest since June 2025, and DEX open interest fell to $17.9 billion from a $19.4 billion peak in September 2025.

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