Episode Details

Crypto trading hit a cooldown in July as perpetual futures volume on major CEXs dropped to $4 trillion — the lowest since December 2023 — and DEXs saw their own slump, hitting $531 billion, the weakest since June 2025. Spot trading also fell 23.6% month-over-month. But amid the slowdown, Hyperliquid’s real-world asset contracts surged, making up 32% of Q2 trading and briefly becoming its top category — signaling a shift toward tangible assets even as the broader market cools.

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