Binance leads the way in crypto derivatives with 51% market share

abdelaziz Fathi

Crypto trading volumes experienced another surge in activity last month as crypto-based derivative products hit new highs in March, according to a new report by Cryptocompare.


CryptoCompare today published its monthly Exchange Review, which offers widely-quoted insights into the cryptocurrency exchange industry as well as changes to exchanges’ metrics that make up the data provider’s price indices.

Key findings from the March review show that volume on crypto derivatives exchanges rose by 5 percent compared to the previous month, coming in at $2.7 trillion This is a welcomed increase after derivatives markets had seen six straight months of decreased volumes, but was still well below the record of $9.9 trillion set back in May 2021.

In March, derivatives share of the cryptocurrency market rose to just below 63 percent while spot volumes have continued to represent the minority (37 percent) of total market turnover.

Crypto spot volumes also increased by 10 percent to $1.62 trillion in March. This figure includes $1.48 trillion in transactions that exchanged hands at top venues, which account for over 91 percent of all volumes. Spot contract volumes reached a daily maximum of $80 billion traded on March 28.

Binance was the largest spot exchange in March by monthly trading volume with $490 billion, or a market share of 30.2 percent. This figure was marginally below their record market share of 33.7 percent reached in November 2021. Coinbase (5 percent market share) and OKX (4.7 percent market share) followed with $82 billion and $76 billion traded respectively. Coinbase and OKX saw their market share of monthly spot volumes peak at 7.8 percent in December 2017 and 19.8 percent in May 2018, respectively.

Binance also led the way into the derivative markets with 51.6 percent ($1.41 trillion) of total volumes in March. This was followed by OKX (16.3 percent market share, $446 billion) and Bybit (13.9 percent market share, $380 billion).

Options volumes on CME also rise

Spot volumes at what CryptoCompare calls ‘Lower-Tier’ exchanges also soared to $141 billion, up 26 percent on a monthly basis, possibly driven by the hype that accompanied  Bitcoin’s rally.

Trading of options contracts on the Chicago Mercantile Exchange, which focuses on institutional investors, increased by a third in March with 2,223 contracts traded within the month.

However, the regulated exchange said total derivative volumes, as measured by the value of contracts, hit a yearly low at $99 billion in March.

As for previous editions, CryptoCompare’s report includes exchange trade data, news highlights, a market segmentation analysis and metrics of Bitcoin trades against both fiat and stablecoins.

  • Read this next

    Digital Assets

    Hong Kong ends license applications for crypto exchanges

    Hong Kong has officially ceased accepting license applications from cryptocurrency exchanges as of February 29, signaling a stringent regulatory shift.


    Volt secures EMI license, expands payment solutions in UK

    Volt has successfully obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).

    Retail FX

    ASIC bankrupts finfluencer Tyson Scholz over stock tips

    The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind “Black Wolf Pit.” The action marks a significant crackdown on so-called ‘finfluencers’ and individuals providing unlicensed financial services.

    Digital Assets

    Green Bitcoin Presale Raises $1M as Bitcoin Approaches its ATH

    The eco-friendly crypto project Green Bitcoin has seen its limited-time presale phase cross $1 million in funding. With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate yield.


    Introducing QuickNode Streams: Elevating Blockchain Data Management

    Discover QuickNode’s Latest Innovation: Streamlining Blockchain Data Streaming for Enhanced Efficiency and Accessibility. Explore the Future of Blockchain Technology with Streams.

    Industry News

    John Oliver rips into MetaTrader over role in ‘Pig Butchering’ scams

    “If your friend told you to download an app, and you saw it in the app store with good reviews, you might assume everything on it was legitimate. In before, you saw MetaTrader’s logo which looks like three men in suits jerking each other off under a table – an appropriate metaphor for cryptocurrency if I have ever seen one,” Oliver quipped.

    Digital Assets

    Coinbase supports Nethermind and Erigon to ease Geth dependency

    Coinbase plans to support additional execution clients as America’s largest crypto platform aims to improve the Ethereum blockchain’s resilience and mitigate the risks associated with the network’s heavy reliance on a single client.


    How AI Transforms Trading: Current Trends and Perspectives

    In 2023, we observed a boom of news about Artificial Intelligence (AI) in every field, whether finance, tech or medicine. In 2024 and later, AI will take an even more significant place.

    Industry News, Uncategorized

    FCA wants to tackle lack of competition in wholesale data market

    “Complex licensing practices by MDVs and trade data providers who deliver their data through MDVs increase costs for data users. Many Market Data Vendor (MDV) users have to hold licences both from the data generator (such as a trading venue) and from the MDV through which they access data. We have seen an increasing proliferation of licences for similar data types and different use cases. Complexity also drives additional costs for data users, such as operating a compliance team.”