Coinglass: Binance Becomes a Leader in the Cryptocurrency Derivatives Market

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According to the rating of the analytical service Coinglass, the Binance exchange has displaced the former leader in the cryptocurrency derivatives market - the BitMEX platform - to fifth place.

According to Coinglass, Binance accounts for the majority of the crypto derivatives market share.The volume of contracts from January 2021 to the present has amounted to $33.5 trillion.Thus, the exchange captured more than 50% of the market share due to"the depth of the market and the diverse selection of altcoins".

The leader is followed by the OKX trading platform with $10.2 trillion, whose growth trajectory was interrupted by stiff competition from Binance.In addition, OKX did not perform well in international markets.

Next, with a small gap, are Huobi Global andFTX  – $7.63 trillion and $5.59 trillion, respectively. The gap could have been more impressive if Huobi had not experienced a severe drop in trading volume after exiting the mainland Chinese market. Currently, the daily trading volume on the site is about $2 billion.

However, FTX has not yet strengthened itsaltcoin diversification and market depth, but managed to achieve impressive growth during the 2021 bull rally. The former leader BitMEX seriously sank in the derivatives market - the turnover of contracts for the same period of time amounted to $1.57 trillion.

Coinglass analysts believe that turnoverplatform contracts declined due to poor history. As a result, BitMEX dropped in the ranking from first to fifth place with a daily turnover of $1 billion. The top seven crypto exchanges are Deribit and Kraken with a turnover of $689.5 billion and $221.4 billion, respectively.

BitMEX probably has no intention of accepting a fifthplace and again strives to become a leader. In May, the exchange offered retail and institutional investors the opportunity to buy, sell and trade digital currencies.