Decoding crypto’s perp slowdown as on-chain volumes hit $147B
The post Decoding crypto’s perp slowdown as on-chain volumes hit $147B appeared on BitcoinEthereumNews.com. After a few years of unrelenting growth, centralized perpetual futures trading is now experiencing some slowdown as users are becoming increasingly selective. The selectivity is indicative of risk aversion rather than an absence of demand. As a result, users have reduced their use of leverage and are waiting for clearer directional signals. Currently, Binance leads the market in terms of cumulative perpetual volume at approximately $7.9 trillion through 2026. OKX and MEXC each reached nearly $4 trillion in cumulative perpetuals, whereas Bybit had approximately $2.7 trillion. Source: CryptoQuant However, cumulative trading volumes have remained below the levels recorded during the same period in 2025. This shift indicates that speculation remains high but may be cooling among the top exchanges. Simultaneously, the adoption of decentralized perpetual futures and relatively stable o