Decentralized exchanges (DEX) reached $1 trillion in monthly trading volume for the first time in July.
At the same time, perpetual futures’ monthly volume increased 33.6% to register a new all-time high of $487 billion, with Hyperliquid registering a new record in monthly perpetual trading.
PancakeSwap was the main driver behind growth, which amounted to $188.2 billion in spot trading volume. The BNB-native exchange volume is larger than the other four top DEXs combined, which is approximately $168 billion.
Base’s volume increased by 46.8% and reached $41.6 billion, the first time the layer-2 blockchain surpassed $40 billion since January. At the same time, Arbitrum was the only chain in the top five with one-digit growth, reaching $19.2 billion in volume after jumping 7.4%.
The volume surpasses Ethereum’s $48.7 billion by a large margin, which held the spot of the second-largest chain in perpetual trading volume last month. Despite the difference, Ethereum has grown by almost 56% since June.
Solana, BNB Chain, and Arbitrum wrap up the top five in perpetuals with $37.2 billion, $21.6 billion, and $19 billion in volumes, respectively.
