Coinglass: Binance Becomes a Leader in the Cryptocurrency Derivatives Market

According to the rating of the analytical service Coinglass, the Binance exchange has shifted the former leader in the cryptocurrency derivatives market – the BitMEX platform – to fifth place.

According to Coinglass, Binance accounts for the majority of the cryptocurrency derivatives market share. The volume of contracts from January 2021 to the present amounted to $33.5 trillion. Thus, the exchange captured more than 50% market share due to “market depth and a diverse selection of altcoins.”

The market leader is OKX with $10.2 trillion, whose growth trajectory was interrupted by fierce competition from Binance. In addition, OKX did not perform well in international markets.

Huobi Global and FTX follow closely behind with $7.63 trillion and $5.59 trillion, respectively. The gap could have been more impressive had Huobi not experienced a severe drop in trading volume after pulling out of the mainland Chinese market. Now the daily trading volume on the site is about $2 billion.

However, FTX has not yet consolidated its altcoin diversification and market depth, but managed to achieve impressive growth during the bull run in 2021. The former leader of BitMEX has seriously sank in the derivatives market – the turnover of contracts over the same period amounted to $1.57 trillion.

Coinglass analysts believe that the platform’s contract turnover has declined due to a bad history. As a result, BitMEX dropped in the ranking from the first to the fifth place with a daily turnover of $1 billion. Deribit and Kraken crypto exchanges close the top seven with a turnover of $689.5 billion and $221.4 billion, respectively.

BitMEX, probably, does not intend to put up with fifth place and is again striving to break into the lead. In May, the exchange invited retail and institutional investors to buy, sell and trade digital currencies.