Total futures volume across major exchanges hit a 12-month low in May, closing the month at approximately $2.9 trillion, a level not seen since late 2023 and well below the $6 trillion to $7 trillion monthly peaks recorded during last year's more active trading periods.
The decline reflects a broader pullback in speculative activity across crypto markets, with spot volumes and onchain activity similarly subdued heading into June.
The composition of that volume remains heavily concentrated among a handful of exchanges, with Binance maintaining its dominant share, followed by OKX, Bybit, and Gate. Smaller venues have seen the most pronounced erosion in activity as traders consolidate onto deeper liquidity pools during quieter periods.
Against this backdrop, the CFTC moved to formally open the door for crypto perpetual futures contracts in the United States, a structurally significant development for a derivatives product that has until now existed largely outside the reach of U.S. regulation.
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