Derivatives on Crypto Exchanges Reach Highest Share Since 2023

In March, derivatives trading on centralized crypto exchanges (CEX) reached an impressive 76.5% of total trading volume, the highest level observed since September 2023. The total derivatives volume amounted to $3.99 trillion, a slight decrease of 3.2% from February, while spot trading volumes fell more sharply, down 15.7% to $1.27 trillion. This widening gap signifies a growing dominance of derivatives in the crypto market.

Binance Maintains Dominance

Binance continues to lead the derivatives market with a trading volume of $1.41 trillion and a market share of 35.4%. This figure surpasses the combined volumes of its closest competitors, OKX and Gate, which recorded $716 billion and $480 billion respectively. Furthermore, open interest on derivatives platforms rose by 7.7% to $88.9 billion, with Binance holding a substantial 23.1% of this total, more than double that of Bybit and three times that of Gate.

Gold's Surge and DEX Decline

Amid geopolitical tensions in the Middle East, gold has entered the top five assets in futures trading for the first time, achieving a volume of $55.6 billion. Bitcoin remains the leader with $522 billion, followed by Ethereum at $258 billion, Solana at $51.8 billion, and XRP at $51.5 billion. On the other hand, decentralized exchanges (DEXs) have seen a significant decline, with spot trading volume plummeting 23.9% to $212 billion, marking the lowest share in the market since April 2025.

The drop in DEX derivatives volume also continued, decreasing by 7.1% to $700 billion, with its market share falling to 14.9%, the lowest since September 2025. Analysts suggest this trend indicates traders are increasingly favoring centralized exchanges for their superior liquidity and leverage options.

Spot Market Overview

In the spot market, Binance holds a substantial 21.3% share with a trading volume of $270 billion. Other exchanges, including Bybit, Gate, Coinbase, and Crypto.com, collectively fall short of Binance’s volume. Additionally, Binance recently reported that in the first 90 days of its traditional finance derivatives, daily trading volumes for gold and silver peaked at $7.6 billion and $6.4 billion, respectively, showcasing significant growth in this segment.