Centralized exchange (CEX) crypto perpetual futures volume fell to $4 trillion in July 2026, the lowest monthly total since December 2023, as leveraged trading continued to cool across the market. The figure marked a pullback after a brief recovery between April and June. Spot markets weakened in tandem: Coinglass data shows average daily spot volume dropped from $17.8 billion to $13.6 billion during July, a 23.6% decline. Decentralized exchanges also lost ground, with DeFiLlama data putting DEX perpetual volume at $531 billion for the month — down roughly 21% from June 2026's $676 billion and the weakest reading since June 2025. DEX perpetual open interest meanwhile eased from $19.4 billion in September 2025 to $17.9 billion in July. The pullback spans both centralized and decentralized venues, a sign that leveraged demand is broadly fading. Analysts attribute the downturn to reduced investor risk appetite and a retreat of leveraged capital, while pointing to growth in tokenized real-world assets (RWA) as a potential next driver for on-chain derivatives markets.
Crypto perpetual futures trading took another leg down in July. Centralized exchange (CEX) volume for the month came in at $4 trillion, the lowest since December 2023.
Perpetuals had clawed back some ground between April and June, only to slide again across major platforms in July. Spot markets lost momentum too. Coinglass data shows global average daily spot volume dropped from $17.8 billion to $13.6 billion over July 1-31, a decline of 23.6%.
Decentralized exchanges saw the same weakness. DeFiLlama data puts DEX perpetual volume at $531 billion for July, the lowest since June 2025 and roughly 21% below the $676 billion recorded in June 2026.
The slide in DEX perpetuals is part of a longer retreat. Volume has fallen steadily since peaking at $1.36 trillion in October 2025, and open interest in DEX perpetual contracts has eased from a $19.4 billion high in September 2025 to $17.9 billion in July — a drop of about 7.7%.
Analysts read the shrinking volumes as a sign of lower risk appetite and leveraged capital pulling back. The next growth driver for on-chain derivatives, they argue, may come from newer asset classes such as tokenized real-world assets (RWA). — Cointelegraph
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