July trading volume on decentralized exchanges fell 21% month-over-month to $531 billion, signaling reduced market activity.
Decentralized exchanges saw perpetual futures trading volume decline to $531 billion in July, the lowest level since June 2025. The drop marks a 21% decrease from June’s $676 billion, continuing a downward trend from the $1.36 trillion peak in October 2025.
Open interest on DEXs also fell to $17.9 billion in July, down from a September 2025 high of $19.4 billion. The decline suggests waning capital inflow into perpetual futures markets.
Hyperliquid remained the top DEX with $199 billion in 30-day volume, driven by growing tokenized real-world asset (RWA) trading, which accounted for 52% of weekly volume in mid-July.