Trading volume of perpetual futures on CEX has collapsed to 2023 lows.
The crypto derivatives market is experiencing a significant cooldown. In July, the total trading volume of perpetual futures on centralized exchanges (CEX) fell to $4 trillion — the lowest figure since December 2023. The decline was recorded against the backdrop of the end of the short-term recovery rally observed from April to June, and now the downturn has affected all major trading platforms without exception.
Market leaders and the scale of the decline
Binance continues to hold its dominant position, posting a monthly turnover of $1.4 trillion in perpetual contracts. It is followed by OKX with $607 billion and Bybit, which recorded a volume of $300 billion. However, even the leaders have not escaped the downward trend — a reduction in activity is observed across the entire spectrum of CEXs.
The spot market has also not been spared by the downturn. According to my calculations based on Coinglass data, the average daily spot trading volume in July fell by 23.6% — from $17.8 billion to $13.6 billion. This signals a systemic decline in liquidity and trader interest, rather than a simple shift of activity between segments.
Decentralized platforms: the same trend
Decentralized exchanges (DEX) have also felt the market pressure. Perpetual contract turnover there dropped to $531 billion, which is 21% below June's level of $676 billion and marks the lowest point since June 2025. Open interest on DEXs declined to $17.9 billion, while the peak value was recorded in September 2025 at $19.4 billion.
Among DEXs, Hyperliquid remains the undisputed leader over the past 30 days with a trading volume of $199 billion, underscoring its strong position in this segment despite the overall decline.
My analysis of the situation
The current contraction in volumes is not just a correction following a short-term surge, but a reflection of a deep phase of market capitulation, which Glassnode analysts had previously also recorded. The lack of growth in activity on both CEXs and DEXs indicates that market participants prefer a wait-and-see stance rather than aggressive trading. Under such conditions, a recovery in liquidity will likely require either a significant macroeconomic trigger or a new wave of volatility capable of bringing speculative capital back to the market.