Bybit and OKX Thrive as Binance’s Market Share Shrinks

The combined market share of leading crypto exchanges Bybit and OKX in the derivative products market has reached record levels. According to CCData’s data, Bybit currently has a market share of 11.94%, while OKX has a 20.2% share. The increase in the market share of Bybit and OKX exchanges occurred during a period when there was a decline in the market share of industry giant Binance, despite the overall increase in trading volume.

OKX and Bybit Grow as Binance Remains Leader in Derivative Trading Volume

The giant crypto exchange Binance, produced a trading volume of $1.26 trillion in November, an increase of 30.5% compared to October, maintaining its position as the largest derivative exchange in terms of monthly volume. However, OKX and Bybit exchanges recorded significant growth, producing trading volumes of $660 billion and $375 billion respectively, with increases of 53.8% and 42.9%.

The analysis conducted since the beginning of the year shows significant increases in the spot market share of Upbit, Bybit, and OKX. During this period, Upbit’s market share increased by 6.39% to 9.20%, Bybit’s market share increased by 4.89% to 5.80%, and OKX’s increased by 3.86% to 7.41%. In contrast, Binance, BeQuant, and Crypto.com saw significant declines in their spot market share.

When it comes to derivative volumes, OKX and Bybit were the exchanges that saw the highest increase in market share. OKX’s market share increased by 2.75% to 24.9% and Bybit’s market share increased by 0.61% to 14.2%, while Binance’s market share fell by 2.30% to 47.6%, reaching its lowest level since October 2020.

Chicago Mercantile Exchange Leads in Bitcoin Futures Open Interest

On the other hand, the derivative trading volume of the Chicago Mercantile Exchange (CME) increased by 18.4% to $67.9 billion, reaching its highest level since November 2021. The volume of Bitcoin futures increased by 16.6% to $51.4 billion on CME, and the volume of Ethereum futures increased by 13.9% to $13.9 billion, reaching the highest level since February 2022. Furthermore, the open interest (OI) of Bitcoin futures on CME surpassed Binance. CME has been the largest derivative exchange according to OI since October 2021.

In November, centralized exchanges reached their highest trading volumes since March 2023. Spot trading volume increased by 52.8% to $965.8 billion, reaching the highest figure since March 2023.

Derivative trading volume also increased by 37.3% to reach $2.58 trillion. Specifically, derivative transactions currently account for 73.3% of the total volume of the crypto market, which is quite close to the 75.4% recorded in October.