Decentralized exchange (DEX) perpetual trading volumes dropped to a 2026 low of $355.78 billion in July, down sharply from the $1.19 trillion peak reached in October 2025. The DEX-to-CEX futures ratio fell to 11.49% from 21.6% in November 2025, as traders increasingly moved to centralized platforms, which now handle over 96% of derivatives activity. Meanwhile, traditional traders remained active on the 24-hour commodity and equity platform HIP-3, where open interest hit a new all-time high of $3.96 billion on July 30, and daily volume reached a record $9.19 billion on July 29, driven largely by S&P 500-linked trades. U.S. investors sold roughly $265 million in Bitcoin ETFs on July 31, though weekly net outflows were $61.53 million.
Perpetual DEX trading volume across 17 venues, including Lighter, Hyperliquid, and Aster, fell to $355.78 billion in July, the lowest level since April 2025 when volume stood at $311.41 billion. Volumes had previously peaked at $1.19 trillion in October 2025 and have been declining steadily since.
The DEX-to-CEX futures ratio plunged to 11.49%, a sharp drop from 21.6% in November 2025. This shift reflects traders moving activity from decentralized to centralized exchange perpetual markets.
On the traditional side, HIP-3—the platform enabling round-the-clock trading of commodities and equities—saw open interest hit a new all-time high of $3.96 billion on July 30. At press time, open interest stood at $3.59 billion, indicating continued capital commitment.
HIP-3 trading volume reached an all-time high of $9.19 billion on July 29, before declining to roughly $6.99 billion by July 31. The majority of this activity was tied to equities, with $741.04 million on the S&P 500.
In the broader crypto market, Bitcoin ETF flows showed a massive outflow of roughly $265 million on Friday. Net weekly outflows were a smaller $61.53 million for the week ending July 31, as earlier inflows absorbed much of Friday’s selling.
Centralized exchanges now account for 96.03% of total derivatives trades. Overall perpetual trading volume has plunged from a high of $1.65 trillion to $356.5 billion at the time of reporting.
