Crypto derivatives trading volume declines in July

The cryptocurrency derivatives market experienced a significant decline in activity during July. Trading volume for perpetual futures on centralized exchanges (CEX) dropped to $4 trillion, marking its lowest level since December 2023. Binance remains the market leader with a monthly volume of $1.4 trillion, followed by OKX at $607 billion and Bybit at $300 billion.

Decentralized exchanges (DEX) also saw a downturn, with perpetual futures trading volume falling 21% from June's $676 billion to $531 billion in July. Open interest also decreased, reaching $17.9 billion in July compared to $19.4 billion in September 2025.

Within the decentralized sector, Hyperliquid led with a reported 30-day trading volume of $199 billion. Notably, tokenized Real World Assets (RWA) are gaining traction on the platform; they accounted for 32% of Hyperliquid's trading activity in Q2 and reached 52% of its weekly trading volume between July 13 and July 19.