Futures trading on centralized crypto exchanges fell to approximately $4 trillion in July 2026, the lowest level since December 2023. This decline follows a broader cooldown that started in Q2, when total quarterly futures volume on CEXs came in at $15.7 trillion, an 11% drop from Q1. In June, CEX derivatives volume was $3.88 trillion, accounting for roughly 78% of all centralized exchange activity. Binance, OKX, and Bybit continue to lead the derivatives market. Meanwhile, decentralized exchanges reached a record ratio of approximately 24% of total CEX activity in July, the highest such share since 2019.
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