Research Summary
This report provides an analysis of the market share of crypto derivatives exchanges by trading volume. It highlights the dominance of Binance, despite a significant drop in trading volume, and the performance of other key players such as OKX, Bybit, and Deribit. The report also provides a snapshot of the market share of the top 10 crypto derivatives exchanges as of August 2023.
Key Takeaways
Binance’s Dominance and Decline
- Binance’s Market Leadership: Binance is the largest crypto derivatives exchange, holding a market share of 47.4% as of August 2023. However, its trading volume saw a significant drop of 22.5% month-on-month.
- Yearly High and Low: Binance’s trading volume peaked at $1,758.9 billion in March 2023, but plummeted to $831.6 billion in August 2023, marking a significant decline.
- Comparison with Competitors: Despite the drop, Binance’s decline in trading volume was outpaced only by Kucoin and Gate, which saw their trading volumes drop by 17.9% and 17.6% respectively.
OKX’s Performance
- OKX’s Market Position: OKX is the second largest crypto derivatives exchange, with a market share of 17.7% and a trading volume of $310.4 billion in August 2023.
- Trading Volume Trend: Despite a 13.8% month-on-month drop in trading volume, OKX managed to increase its market share from 15.1% to 16.3% between Q1 and Q2 of 2023.
- Market Share High: OKX hit a market share high of 17.7% in August 2023, despite a drop in trading volume.
Other Key Players
- Bybit’s Market Share: Bybit ended August 2023 as the third largest crypto derivatives exchange, with a market share of 12.6% and a trading volume of $220.3 billion.
- Deribit’s Growth: Deribit was the only exchange to record month-on-month growth in trading volume between July and August 2023, with a 10.9% increase.
- Huobi’s Decline: Huobi saw the most significant drop in trading volume among the top 10 exchanges, with a 29.0% decrease between July and August 2023.
Actionable Insights
- Monitor Binance’s Performance: Despite a significant drop in trading volume, Binance remains the market leader. Stakeholders should closely monitor its performance for potential market shifts.
- Investigate OKX’s Resilience: OKX’s ability to increase its market share despite a drop in trading volume suggests resilience. This warrants further investigation into its strategies and market positioning.
- Assess Deribit’s Growth: Deribit’s growth in a declining market indicates potential for further expansion. Stakeholders should assess the factors contributing to this growth.
