Derivatives on DEXs plunged sharply, but RWA hit a new high. In July 2026, perpetual trading volume on DEXs dropped 21% month-over-month to $531 billion, ending a two-month recovery from April’s low. 📉 This was not an isolated decline: perpetuals on CEXs also fell to around $4 trillion—the lowest since December 2023. The leader still leads Hyperliquid processed $218 billion, surpassing the $189 billion combined volume of its seven competitors. Meanwhile, RWA perpetuals hit a record $141 billion, up 19.5%. Informational only—not investment advice.
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