DefiLlama Research(@defillama_res):Capital that used to churn roughly twice a day is now turning over less than one and a half times. Trading has thinned out considerably, but the size is still there. Perp DEX volume has fallen sharply over the past year, but open interest hasn't. Comparing two back-to-back six-month windows, average daily volume across perp DEXs fell from $32.4B to $21.4B, down to 66% of its prior level. Open interest fell too, but far less, from $16.4B to $14.8B, only 90% of its prior average. Dividing the two, turnover dropped from 1.98x to 1.45x.

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DefiLlama Research@defillama_res

2026.07.28 13:24

Capital that used to churn roughly twice a day is now turning over less than one and a half times. Trading has thinned out considerably, but the size is still there. Perp DEX volume has fallen sharply over the past year, but open interest hasn't. Comparing two back-to-back six-month windows, average daily volume across perp DEXs fell from $32.4B to $21.4B, down to 66% of its prior level. Open interest fell too, but far less, from $16.4B to $14.8B, only 90% of its prior average. Dividing the two, turnover dropped from 1.98x to 1.45x.