Trading volume of perpetual futures on CEX has collapsed to its lowest level since 2023.
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 level since December 2023. The data I analyzed points to the end of the short-term recovery in activity observed from April to June.
Market leaders and decline dynamics
The decline affected all major platforms without exception. Binance still holds a dominant position with a monthly turnover of $1.4 trillion, but it too has not escaped the downward trend. It is followed by OKX with $607 billion and Bybit with $300 billion. This consolidation of volumes among top players only underscores the overall weakness of the market, rather than a redistribution of flows.
Spot market and DEX under pressure
The pessimistic dynamics were not limited to derivatives. The average daily spot trading volume in July dropped by 23.6%—from $17.8 billion to $13.6 billion. This signals declining interest from both retail and institutional participants.
Decentralized exchanges (DEX) are also showing a downturn. Their perpetual contract turnover amounted to $531 billion for the month—21% less than June's $676 billion, marking the lowest level since June 2025. Open interest on DEX fell to $17.9 billion, while the peak was recorded in September 2025 at $19.4 billion. Hyperliquid remains the leader in this segment with a volume of $199 billion over the past 30 days.
My analysis and conclusions
The drop in volumes to levels not seen in more than two years is not just a correction but a symptom of deep market fatigue. Investors have clearly adopted a wait-and-see stance, which is also confirmed by the record capitulation phase of bitcoin recorded earlier. Under such conditions, volatility could spike sharply on any significant trigger, but a sustainable recovery will require an influx of fresh liquidity, which is not yet visible.