Crypto: Spot and Derivatives trading volumes on the rise. Binance down, CME Group up

Rick Steves

Binance was the largest derivatives exchange by monthly volume, trading $1.26 trillion. However, OKX and Bybit outperformed other exchanges, recording increases of 53.8% and 42.9%, respectively.

CCData Exchange has reported that centralized exchanges experienced their highest combined spot and derivatives trading volume since March 2023.

This rise in trading volume coincided with bullish trends in major cryptocurrencies, such as Bitcoin and Ethereum.

Binance market share is down, CME Group on the rise

Key findings from the report include:

  • Significant Increase in Trading Volumes: Spot trading volume on centralized exchanges rose by 52.8% to $965.8 billion, and derivatives trading volume increased by 37.3% to $2.58 trillion. These figures mark the highest trading volumes since March 2023.
  • Binance’s Market Share Decline: Despite a monthly increase in trading volumes, Binance’s market share continued to decline, falling to 43.4%. This marks the ninth consecutive month of decline for the exchange. However, with Binance settling US charges, there’s potential for market share recovery.
  • Record Highs for OKX and Upbit: Both OKX and Upbit achieved all-time high trading volumes, with combined spot and derivatives volumes rising to $731 billion and $431 billion, respectively. Their market shares increased to 20.2% and 11.9%.
  • CME Leads in BTC Futures Open Interest: CME’s open interest for BTC Futures rose by 20.9% to $4.11 billion, surpassing Binance as the largest derivatives exchange by open interest. This is CME’s first lead in BTC futures trading since October 2021, indicating growing institutional interest in Bitcoin.
  • Overall Derivatives Dominance: Derivatives trading represented 73.3% of the total crypto market volume in November, slightly down from 75.4% in October.
  • Binance’s Performance: Binance was the largest derivatives exchange by monthly volume, trading $1.26 trillion. However, OKX and Bybit outperformed other exchanges, recording increases of 53.8% and 42.9%, respectively.
  • Spot Market Share Dynamics: Upbit, Bybit, and OKX have gained the most in spot market share year-to-date, while Binance, BeQuant, and experienced the largest declines.
  • Derivatives Market Share Trends: OKX and Bybit saw the largest increases in derivatives market share, while Binance observed the most significant decline, marking its lowest derivatives market share since October 2020.
  • CME’s Derivatives Trading Volume: The CME exchange recorded its highest derivatives trading volume since November 2021, with BTC futures trading volume rising by 16.6%.






  • Read this next

    Fundamental Analysis

    Global FX Market Summary: EUR, Fed Minutes February 21, 2024

    Hawkish Fed minutes could strengthen USD, dovish BoE hints could boost euro, mixed economic data leaves impact unclear, FOMC minutes release today holds the most weight.

    Digital Assets

    360T launches Crypto NDF offering

    “By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure. Looking ahead, we will continue to work with our industry partners to expand 360T’s crypto.”

    Technical Analysis

    FTSE 100 index Technical Analysis Report 20 February, 2024

    The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”

    Market News

    US Market Stocks See a Dip Ahead of FOMC Minutes Announcement

    As the financial world eagerly awaits the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for today, the S&P 500 index begins trading slightly lower, marking a subtle shift in market sentiment following a prolonged rally.


    Adaptive proves that “the future of finance is in the cloud”

    “While workloads have migrated to the cloud over the past decade, some have doubted whether its latency and fault tolerance can match that of on-premises solutions – our joint testing on Google Cloud, proves that this is the case.”

    Retail FX

    Axi Select offers live trading amid “end of demo account prop firm model”

    “We genuinely empathize with the thousands of talented traders who will now be denied access to their allocated funds, and we encourage anyone using the demo trading registration model to question whether their prop firm partner will be able to continue as an ongoing concern given recent events. Unfortunately, this could be the beginning of the end for the demo account prop firm model.”

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.