Ethereum
DEX perpetual volumes slide to 2025 low as traders shift to centralized venues
Decentralized exchange perpetual trading fell to $355.78 billion in July, its lowest monthly level since April, as activity migrates to traditional centralized platforms.
Perpetual volume across 17 decentralized exchanges, including Hyperliquid and Lighter, dropped to $355.78 billion in July 2025, marking the weakest month since April. The decline represents a steep pullback from the $1.19 trillion peak reached in October 2025, though modest recovery had occurred between April and June.
The shift reflects changing trader preferences toward centralized exchange perpetual markets. The DEX-to-CEX futures ratio fell sharply to 11.49% as of the report's writing, down from 21.6% in November 2025.
Despite the DEX slowdown, data suggests institutional activity remains robust. Open interest on HIP-3, a platform enabling 24-hour trading of commodities and equities, hit an all-time high of $3.96 billion on July 30, climbing throughout the year and indicating traders continue deploying capital to perpetual markets. Trading volume on HIP-3 also reached record levels, with July 29 marking a peak of $9.19 billion, though volumes have since moderated.
The broader crypto market has faced headwinds. Bitcoin-focused exchange-traded funds experienced outflows of approximately $265 million on a single Friday in late July, though net weekly outflows for the period ending July 31 stood at a smaller $61.53 million as earlier-week buying offset the selling pressure.
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