According to CoinMeta, in July, the trading volume of perpetual contracts on centralized exchanges dropped to $4 trillion, marking the lowest level since the end of 2023. This data indicates that the trading volume of perpetual contracts has fallen below this level for the first time in 31 months. According to data from the analysis platform Cryptorank, Binance led with a trading volume of $1.4 trillion, followed by OKX with $607 billion and Bybit with $300 billion. Meanwhile, the trading volume of perpetual contracts on decentralized exchanges also dropped to $531 billion, reaching the lowest level since June 2025.