According to CCData’s latest Exchange Review, Bybit and OKX have seen a surge in their combined derivatives market share. Bybit now holds 11.94% of the market, while OKX dominates with 20.2%, totaling over 32% in November.
Binance Leads in Derivatives Volume as OKX, Bybit Show Growth
Binance remains the largest derivatives exchange in terms of monthly volume, trading $1.26 trillion in November. However, OKX and Bybit have shown significant growth, with increases of 53.8% and 42.9%, respectively.
CME Leads in BTC Futures Open Interest
The CME exchange has reported a surge in derivatives trading volume, reaching $67.9 billion, the highest since November 2021. BTC futures trading increased by 16.6% to $51.4 billion, and ETH futures reached $13.9 billion, the highest since February 2022.
Furthermore, the open interest of BTC Futures on the CME has surpassed Binance, making CME the largest derivatives exchange by open interest for the first time since October 2021.
Hot Take: Centralized Exchanges Reach Highest Trading Volumes Since March 2023
In November, centralized exchanges experienced their highest trading volumes since March 2023. Spot trading volume rose by 52.8% to $965.8 billion, marking the highest recorded figure since March 2023.
Derivatives trading also increased by 37.3% to reach $2.58 trillion, accounting for 73.3% of the total crypto market volume. This shows a slight decrease from October, where derivatives accounted for 75.4% of the market.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.