Perpetual futures trading volume on centralized cryptocurrency exchanges fell to $4 trillion in July, the lowest level since December 2023. Binance reported $1.4 trillion, OKX $607 billion and Bybit $300 billion, according to CryptoRank. The monthly decline followed a brief rebound between April and June, after which volume fell across all major venues. Spot trading volume on centralized exchanges dropped 23.6% during July, falling from $17.8 billion to $13.6 billion, according to Coinglass. Perpetual futures volume on decentralized exchanges dropped to $531 billion in July, the lowest since June 2025 and down 21% from $676 billion in June 2026, according to DefiLlama. Open interest on decentralized exchanges fell to $17.9 billion in July from a September 2025 peak of $19.4 billion. Hyperliquid, the leading decentralized exchange, reported $199 billion in trading volume over the past 30 days, with tokenized real-world assets accounting for 32% of its second-quarter activity and 6.6% of its $169 million quarterly revenue. Tokenized assets became Hyperliquid’s largest trading category in July, reaching 52% of its weekly volume between July 13 and July 19. The decline in futures and spot volumes coincides with reduced market participation, though no single factor was identified as the primary driver.