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

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.


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Lyllah Ledesma

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