CEX Perpetual Futures Volume Hits 31-Month Low Amid Summer Slump

Crypto perpetual futures trading volume on centralized exchanges (CEXs) plummeted to $4 trillion in July, marking a 31-month low last seen in December 2023. According to analytics platform CryptoRank, Binance led CEXs with $1.4 trillion in monthly perpetual futures volume, followed by OKX with $607 billion and Bybit with $300 billion.

The decline in perpetual futures activity coincided with a drop in daily spot crypto trading volume on centralized exchanges. Data from analytics provider Coinglass showed that spot trading volume fell 23.6% between July 1 and July 31, from $17.8 billion to $13.6 billion.

Perpetual trading volume on decentralized exchanges (DEXs) also trended lower in July, falling to $531 billion, a near one-year low since June 2025. Open interest on DEXs has decreased to $17.9 billion from a peak of $19.4 billion in September 2025.