Crypto Derivatives Market Share Hits All-Time High

Binance continues to be the dominant crypto derivatives trading platform.

AccessTimeIconMay 10, 2023 at 8:57 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency derivatives trading volume on centralized exchanges fell in April, but spot trading volume declined even more, pushing the derivatives market share up to a new all-time high.

According to CCData, the market share of crypto derivatives trading rose to a record 77.6% even as absolute derivatives trading volume slid 23.3% to $2.15 trillion. Pushing the market share higher was a 40.2% tumble in spot volume to $621 billion.

Spiking derivatives market share – now higher for three consecutive months – highlights the speculative nature of the crypto market amid uncertainties around the possibility of pause on rate hikes by the Federal Reserve, suggested CCData.

Binance is the largest derivatives trading platform, accounting for 61.4% of the market. OKX and ByBit follow in second and third place, with 15% and 14.6% market shares, respectively.

In May, Coinbase launched a derivatives platform and Gemini announced it will be starting one as well, moves that seem likely to further increase the market share of crypto derivatives markets.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.