ME News reports that, on August 7 (UTC+8), leverage trading activity in the crypto market continues to decline. Data shows that in July 2026, the trading volume of crypto perpetual futures on centralized exchanges (CEXs) dropped to $4 trillion, reaching the lowest level since December 2023. The data indicates that perpetual contract volumes had briefly rebounded between April and June this year, but saw a broad decline across major platforms in July. Amid the cooling of the perpetual contracts market, spot trading activity has also decreased. According to Coinglass data, global crypto spot daily trading volume fell from $17.8 billion to $13.6 billion between July 1 and July 31, a decline of 23.6%. The decentralized exchange (DEX) perpetual contracts market has also shown weakness. Data from DeFiLlama reveals that DEX perpetual contract trading volume in July dropped to $531 billion, the lowest level since June 2025, representing a roughly 21% decline from $676 billion in June 2026. Looking at the long-term trend, DEX perpetual trading volume has been steadily declining since peaking at $1.36 trillion in October 2025. Meanwhile, open interest in DEX perpetual contracts has also fallen from a high of $19.4 billion in September 2025 to $17.9 billion in July. Market analysts believe the decline in perpetual contract volumes reflects reduced investor risk appetite and a retreat of leveraged capital. However, growth in emerging asset classes such as RWA may become a key driver for the next phase of on-chain derivatives markets. (Source: ODAILY)
CEX perpetual futures volume reaches 2023 low in July 2026
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Summary
Perpetual futures trading volume on centralized exchanges (CEX) dropped to $4 trillion in July 2026, the lowest since December 2023, according to MetaEra. Spot trading also declined, with daily average volume falling to $13.6 billion in July from $17.8 billion earlier in the month. Perpetual futures on decentralized exchanges (DEX) reached $531 billion, the lowest since June 2025.
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