CEX Perp Trading Volume Hits 31-Month Low at $4 Trillion

Crypto perpetual futures trading on centralized exchanges (CEXs) saw a significant decline in July, with CEX perp trading volume falling to $4 trillion. This is its lowest monthly level since December 2023.

Binance was the largest venue for crypto perpetual futures trading, handling approximately $1.4 trillion in perpetual futures volume during July. OKX followed with $607 billion, and Bybit recorded around $300 billion.

The decline does not necessarily indicate a structural deterioration in crypto adoption. Derivatives activity fluctuates significantly with volatility, liquidity, and traders' appetite for leverage, meaning a period of lower volume can also reflect reduced short-term speculation rather than a fundamental loss of interest in digital assets.