Binance, OKX Lead Crypto Derivatives Space Despite Market Ruckus

Coinglass data shows that Binance accounts for the majority of the derivatives share. The volume of crypto contracts from January 2021 to the present stood at $33.5 trillion.from the analytics resource, the crypto exchange has gained more than 50% market share due to “good market depth and a diverse selection of altcoins.”

Next up was Huobi Global with $7.63 trillion, and FTX with $5.59 trillion. Huobi has seen a major drop in trading volume after withdrawing from the Chinese mainland market. Currently, its daily trading volume stands at approximately $2 billion. The former market leader BitMEX has slid down significantly with a contract turnover of $1.57 trillion during the same timeframe. Coinglass cited the platform’s poor product experience for the slump. Data suggests that Bitmex has changed from being the first in the market to a trading venue with only $1 billion per day.The expansion of the derivatives market, especially in the US, has been slow but steady with only a handful of options.rolling out its first crypto derivatives product this month.

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