Futures trading on centralized crypto exchanges fell to roughly $4 trillion in July, a level not seen since December 2023.
The decline caps off a broader cooldown that began taking shape in Q2 2026, when total quarterly futures volume on CEXs came in at $15.7 trillion, an 11% drop from the first quarter.
The numbers behind the slowdown
To appreciate how stark the pullback is, consider June’s data. CEX derivatives volume that month was $3.88 trillion, part of a combined $4.99 trillion across both spot and derivatives. Derivatives still dominated, accounting for roughly 78% of all centralized exchange activity.
Binance, OKX, and Bybit continue to lead the derivatives pack in terms of market share.
