In Nov, trading volume on centralized exchanges rose for 2nd consecutive month, reaching $3.61tn, highest since March 2023.
Bybit and OKX have achieved record highs in their combined Derivatives market share. According to the latest Exchange Review by CCData, Bybit now holds an aggregated market share of 11.94%, while OKX dominates with 20.2%, totaling over 32% in November.
This surge in market share comes when industry giant Binance is experiencing a decline in its dominance despite an overall increase in trading volumes.
Binance Leads in Derivatives Volume as OKX, Bybit Show Growth
November has seen Binance maintain its position as the largest derivatives exchange in monthly volume, trading $1.26 trillion, up 30.5% from October.
However, OKX and Bybit showed the most significant growth, with increases of 53.8% and 42.9%, trading at $660 billion and $375 billion, respectively.
In a year-to-date analysis, Upbit, Bybit, and OKX have shown significant gains in spot market share. Upbit increased its dominance by 6.39% to 9.20%, Bybit by 4.89% to 5.80%, and OKX by 3.86% to 7.41%. In contrast, Binance, BeQuant, and Crypto.com have experienced the highest declines in spot market share.
Regarding derivatives volumes, OKX and Bybit saw the highest increase in market shares. OKX’s market share rose by 2.75% to 24.9%, and Bybit’s by 0.61% to 14.2%, while Binance’s market share dipped by 2.30% to 47.6%, marking its lowest since October 2020.
CME Leads in BTC Futures Open Interest
In other related news, the CME exchange reported a surge in derivatives trading volume, rising 18.4% to $67.9 billion, the highest since November 2021.
BTC futures trading increased by 16.6% to $51.4 billion and ETH futures by 13.9% to $13.9 billion, the highest since February 2022.
Meanwhile, the open interest of BTC Futures on the CME overtook Binance, making CME the largest derivatives exchange by open interest for the first time since October 2021.
In general, November saw centralized exchanges reaching 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, rising 37.3% to reach $2.58 trillion. Notably, derivatives now account for 73.3% of the total crypto market volume, slightly down from 75.4% in October.