Perpetual futures volume on decentralized exchanges (DEXs) fell to $531 billion in July, the lowest level since June 2025, according to DefiLlama. This represents a 21% decline from the $676 billion recorded in June. Open interest also dropped to $17.9 billion, down from a peak of $19.4 billion in September 2025. Hyperliquid leads the DEX market with $199 billion in trading volume over 30 days. Tokenized real-world assets (RWAs) accounted for 32% of second-quarter trading activity and 52% of weekly volume between July 13 and July 19, generating 6.6% of the protocol’s quarterly revenue of $169 million.
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