Crypto exchanges have seen a significant shift towards derivatives trading, which now accounts for 90% of total volume according to CoinMarketCap. Major platforms like Binance, OKX, BitMart, Gate.io, and Bybit are leading the charge, with Binance alone accounting for nearly $1.8 trillion in monthly volume.
The dominance of derivatives trading is particularly pronounced on these platforms, with some exchanges seeing their spot trading volumes significantly eclipsed by their derivatives activity. For example, Binance's derivatives volume reached approximately $1.54 trillion, which is roughly six times higher than its spot trading volume of $264 billion.