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Market Share of Crypto Derivatives Exchanges, by Trading Volume

4.2
| by
Shaun Paul Lee
-

What is the Largest Crypto Derivatives Exchange?

Binance is the largest crypto derivatives exchange, with its market share at 47.4%. It saw its trading volume plummet to $831.6 billion in August 2023. This represents a -22.5% month-on-month (MoM) drop, having recorded $1,073.2 billion in July 2023. This is significantly lower than Binance’s yearly high of $1,758.9 billion in March 2023.

The second largest crypto derivatives exchange was OKX, which had 17.7% market share and trading volume of $310.4 billion in August 2023. This represents a -13.8% MoM growth rate, having recorded $360.0 billion in July 2023.

Bybit ended August 2023 as the third largest crypto derivatives exchange, with 12.6% market share, along with $220.3 billion of trading volume. The remaining top 10 competitors hold less than 10.0% market share each, with Bitget at 9.5%, MEXC at 5.4%, and Kucoin at 2.2%.

Binance Remains The Largest, But Trading Volume Plummets

Binance is the market leader amongst the derivatives crypto exchanges, with more than 50% of the total derivatives trading volume between 2023 Q1 to Q2. In August 2023, its market share reached 47.4% or $831.6 billion, the first time it dropped below 50% in 2023.

While Binance managed to maintain its majority market share, it was one of the biggest losers in the top 10. Trading volume dropped by -16.8%, or $723.7 billion between 2023 Q1 to Q2. It was only outpaced by Kucoin, and Gate, which saw derivatives trading volume drop -17.9% and -17.6%, respectively. This is 261.8% more than the total drop in trading volume of the other nine exchanges, which came in at $276.5 billion during the same period. 

OKX Gains Market Share Despite Drop In Trading Volume

OKX managed to retain its position as the second-largest derivatives crypto exchange in 2023 Q2, having recorded $1,148.4 billion in trading volume. This was a decrease of $62.4 billion (-5.2%) from 2023 Q1, where volume was recorded at $1,211 billion. Despite seeing a -5.2% in trading volume between 2023 Q1 and Q2, its market share increased from 15.1% to 16.3% in the same period. 

OKX hit a market share high of 17.7% in August 2023, when it saw $310.4 billion in volume, up from 17.0% in July 2023. While it gained market share, its trading volume dropped by -13.8% Month-on-Month (MoM), from $360.0 billion in July 2023.

Deribit: Only Exchange To Gain Volume In August 2023

Deribit managed to grow its derivatives trading volume between July and August 2023, despite adverse market conditions. The derivatives-focused exchange grew 10.9% during the period, from $13.0 billion to $14.4 billion in trading volume. Despite being the only exchange to have recorded MoM growth, Deribit remained the tenth largest crypto derivatives exchange.

Huobi ended August 2023 with $33.5 billion in trading volume, leaving it with a market share of 1.9%. Trading volume fell from $47.2 billion to $33.5 billion, between July and August 2023. This represents a -29.0% drop in trading volume, the most amongst the top 10 exchanges. This has partially erased its market share gained in 2023 Q2, where iit saw impressive trading volume growth of 63.8% QoQ. 

Top 10 Derivatives Crypto Exchanges’ Market Share (August 2023)

Rank Derivatives Crypto Exchanges Market Share (%)
1 Binance 47.4
2 OKX 17.7
3 Bybit 12.6
4 Bitget 9.5
5 MEXC 5.4
6 Kucoin 2.2
7 Huobi 1.9
8 Gate 1.7
9 Bitmex 0.9
10 Deribit 0.8

 

Methodology

The study examined the top 10 crypto derivatives exchanges by trading volume, using CoinGecko data from January 1, 2023 to August 31, 2023. The top 10 crypto derivatives exchanges are: Binance, OKX, Bybit, Bitget, MEXC, Kucoin, Huobi, Gate, Bitmex, and Deribit. Market share was based on total monthly trading volume.


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Curious to know more about the state of centralized cryptocurrency exchanges? Check out our study on the Market Share of Centralized Crypto Exchanges!

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Shaun Paul Lee
Shaun Paul Lee
Shaun is a Research Analyst at CoinGecko, who has lived and breathed crypto since 2017. Previously a community manager for Synthetix and RedFOX, he dived down the crypto rabbit hole to grasp a better understanding of the industry. He now spends copious amounts of time on Crypto Twitter and Telegram, searching for the next idea for CoinGecko Research. Follow the author on Twitter @ShaunPaulLee

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