Perpetual futures trading volume on crypto exchanges fell to its lowest level in 31 months, while perpetual trading on decentralized platforms neared a one-year low.

Perp DEX trading volume fell 34% to $21B over six months while open interest declined just 10%, signaling traders are holding positions but

CEX futures volume dropped to $4 trillion in July 2026, the lowest since December 2023, as low volatility curbs speculation and DEX trading hits