Crypto Derivative Volumes Rose in March for Third Straight Month

A report noted an increase in spot DEXs offering derivatives trading on their platforms.

AccessTimeIconApr 14, 2023 at 4:18 p.m. UTC
Updated Apr 14, 2023 at 5:24 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

Crypto derivatives trading volumes across both centralized and decentralized exchanges rose for a third consecutive month in March, the first three-month streak since at least January 2022, according to figures from CCData.

Crypto derivatives are financial contracts such as futures and options that relate to cryptocurrencies. They are popular because they allow market participants to hedge their positions or to speculate on market direction.


Derivatives trading accounted for about 74% of the roughly $4 trillion crypto market volume last month, the data show. While the bulk of derivatives trading took place on centralized exchanges (CEX), decentralized exchanges (DEX) accounted for $68.7 billion, with dYdX taking a 62.6% share.


“We expect decentralized derivatives protocols to continue performing well and gain market share in the next quarter,” said CCData in a report.

There has been an increasing trend of spot DEXs adding derivatives trading to their platforms as they notice the potential of derivative DEXs, according to CCData.

In March, DEX PancakeSwap announced it was partnering with ApolloX to introduce trading of perpetual swaps. Quickswap, a decentralized exchange built on Polygon, is also launching perpetual products soon, CCData said.

Edited by Sheldon Reback.


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; 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 to register and buy your pass now.