Cryptocurrency Derivative Trading Market Share Hit Record High in April

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Lyllah Ledesma

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

Follow @LedesmaLyllah on Twitter

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.

Crypto Derivatives Market Share Hits All-Time High

Binance continues to be the dominant crypto derivatives trading platform.