随着链上交易量达到 147B 美元，解码加密货币的 Perp 放缓

经过几年的持续增长，随着用户变得越来越挑剔，集中式永续期货交易现在正在经历一些放缓。 The selectivity is indicative of risk aversion rather than an absence of demand.

因此，用户减少了杠杆的使用，并等待更清晰的方向信号。

目前，币安在永续合约累计交易量方面处于市场领先地位，到 2026 年约为 7.9 万亿美元。OKX 和 MEXC 的累计永续合约交易量均达到近 4 万亿美元，而 Bybit 约为 2.7 万亿美元。

<风格> @media only 屏幕和（最小宽度：0px）和（最小高度：0px）{ div[id^=”bsa-zone_1774359638628-7_123456″] { 最小高度：50px； 过渡：最小高度 0.3 秒缓和； } } @media only 屏幕和（最小宽度：640px）和（最小高度：0px）{ div[id^=”bsa-zone_1774359638628-7_123456″] { 最小高度：90px； } } <按钮 onclick=” var el = document.getElementById(‘amb-ad-inline-content’); el.style.maxHeight = el.scrollHeight + ‘px’; requestAnimationFrame(function() { el.style.maxHeight = ‘0’; el.style.marginTop = ‘0’; el.style.marginBottom = ‘0’; }); “>AD <矩形宽度=“10”高度=“10”rx=“5”填充=“当前颜色”/><路径填充=“#000000”d=“M6.883 6.317a.4.4 0 1 1-.566.566L5 5.566 3.683 6.883a.4.4 0 1 1-.566-.566L4.434 5 3.117 3.683a.4.4 0 1 1 .566-.566L5 4.434l1.317-1.317a.4.4 0 1 1 .566.566L5.566 5z” />

来源：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 open positions is increasing. This indicates that capital is simply being redeployed rather than withdrawn. If this trend persists, derivatives markets may become healthier, relying more on conviction-driven positioning than excessive leverage.

Liquidity shifts toward on-chain perpetuals

As speculative activity cools across centralized exchanges, part of that liquidity is beginning to reappear on-chain rather than leaving the derivatives market altogether.

随着交易者降低杠杆并变得更加挑剔，中心化永续交易所的投机活动持续缓解。 However, that decrease is being partially offset by an increase in on-chain speculation.

Lower transaction fees continue driving preference for on-chain speculation. This is in comparison to centralized exchanges and allows for quicker settlement and transparent, custodian-less trading.

On-chain perpetual derivatives traded approximately $147.6 billion during Q2 of 2026, while the total open interest was approximately $344.6 million. Even though leverage has eased, capital continues flowing into on-chain perpetual markets, highlighting sustained trader conviction.

Source: X

This trend increasingly favors Solana [SOL], which continues attracting a larger share of on-chain perpetual trading activity. More importantly, this provides more opportunities for users to execute trades efficiently through various perpetual derivative products.

Even so, centralized exchanges still dominate overall derivatives activity. If on-chain innovation continues outpacing centralized offerings, derivatives liquidity may become increasingly distributed across multiple venues. As a result, this creates a more competitive and resilient trading ecosystem.

<小时>

Final Summary

• On-chain perpetual markets continue attracting derivatives liquidity as traders shift away from centralized exchanges.
• Centralized perpetual trading remains dominant, but on-chain execution is steadily reshaping derivatives market structure.