Spot, futures, and perpetual DEX volumes fell to two-year lows in Q2 2026, even as June’s rebound in trading activity contrasts with a continued collapse in new CEX listings.
The second quarter of 2026 marked the weakest quarter for crypto trading activity in two years, with volumes across every major venue type falling to or near multi-year lows before June brought the first signs of a turn. This review covers that pattern across spot and futures trading on centralized exchanges, perpetual DEX volume, and new CEX listings.
Spot and futures volumes both fell over the quarter, though June brought spot activity back past $1T and eased the pace of futures’ decline. Perpetual DEX volume cooled for a second straight quarter but posted its own…
