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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