Every major crypto trading segment contracted in July 2026 and spot volume reached a two-year low, while RWA perpetuals continued to grow, reaching 43% of on-chain perpetual volume. Gate led centralized exchanges in RWA perpetual open interest with a 49.6% market share and ranked second globally.
July 2026 undid the tentative turn that June had shown. Volumes across every major venue type fell back over the month, spot activity slid through the floor it had established in the spring, and the two-month recoveries in futures and perpetual DEXs both ended. Nothing in the month suggests a seasonal dip. Trading fees scale with volume, and volume has now been declining across centralised exchanges and decentralised venues alike for three…
