Trading volume of perpetual futures on CEX has collapsed to 2023 lows: the market is cooling down.
July marked a month of sharp cooling for the crypto derivatives market. The total turnover of perpetual futures on centralized exchanges (CEX) fell to $4 trillion — the lowest figure since December 2023. After a brief recovery in activity between April and June, when the market showed optimism, we are again seeing a decline that has affected all major trading platforms without exception.
Analyzing the market structure, I would highlight the leaders' positions. Binance still holds the top spot with a monthly volume of $1.4 trillion, underscoring its dominant role in the industry. It is followed by OKX with $607 billion and Bybit, which recorded a turnover of $300 billion. However, even these giants could not escape the overall downward trend.
It is worth noting that the decline was not limited to derivatives alone — it also affected the spot market. The average daily trading volume on CEX in July fell by 23.6%, dropping from $17.8 billion to $13.6 billion. This signals a systemic decrease in liquidity and trader interest, which may be linked to macroeconomic uncertainty and a wait-and-see stance among major players.
Decentralized platforms are also losing momentum
The DEX sector showed similar dynamics. The turnover of perpetual contracts on decentralized exchanges in July amounted to $531 billion, which is 21% lower than June's level of $676 billion. This figure became the lowest since June 2025, indicating a synchronized cooling of both the centralized and decentralized market segments.
Open interest on DEX also declined, reaching $17.9 billion. For comparison, the peak value was recorded in September 2025 and stood at $19.4 billion. Among decentralized platforms, Hyperliquid remains the undisputed leader, providing a turnover of $199 billion over the past 30 days.
The observed decline in activity occurs against the backdrop of a record-long phase of bitcoin capitulation, which I noted back in August. This confirms my hypothesis that the market is in a stage of deep correction, and current volumes reflect not panic, but rather the exhaustion of speculative capital. In the coming weeks, the key indicator for me will be the dynamics of open interest — if it continues to fall, we may see further downward pressure on price, but at the same time, a foundation is being laid for future recovery.