OKX and Bybit have set new records for combined Derivatives market share. According to the most recent CCData Exchange Review, Bybit now has an aggregated market share of 11.94%. On the other hand, OKX leads with 20.2%, totaling more than 32% in November. This increase in market share comes at a time when industry leader Binance is losing market share despite increased trading volumes.
OKX and Bybit Significant Growth
Binance leads in derivatives volume, while OKX and Bybit grow. Binance maintained its position as the largest derivatives exchange in terms of monthly volume in November, trading $1.26 trillion, up 30.5% from October.
However, OKX and Bybit saw the most significant growth. It increases to 53.8% and 42.9%, respectively, trading at $660 billion and $375 billion. This week’s Chart of the Week focuses on how Bybit and OKX reached new highs in terms of combined Spot/Derivatives market share.
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OKX and Bybit Benefit as Binance’s Market Share Falls
According to CCData’s Exchange Review, crypto exchanges Upbit, Bybit, and OKX have made the greatest gains in spot market share year to date. They increased their dominance by 6.39%, 4.89%, and 3.86%, respectively, to 9.20%, 5.80%, and 7.41%. Meanwhile, Binance, BeQuant, and Crypto.com continue to lose the most market share based on spot trading volume. It’s falling by 19.5%, 3.28%, and 2.96%, respectively, to 31.8%, 0.45%, and 2.03%.
In terms of derivatives volumes, OKX and Bybit saw the greatest increase in market share, rising by 2.75% and 0.61%, respectively, to 24.9% and 14.2%. Binance, on the other hand, saw the greatest drop in market share last month, falling by 2.30% to 47.6%. Binance has had the lowest derivatives market share since October 2020.
Overview
Nonetheless, Binance was the largest derivatives exchange by monthly volume in November, trading $1.26 trillion (up 30.5% from October), followed by OKX ($660 billion, up 53.8%) and Bybit ($375 billion, up 42.9%). The best-performing derivatives exchanges in the last month were OKX and Bybit, which increased by 53.8% and 42.9%, respectively.
This week's Chart of the Week highlights how Bybit and OKX reached all-time highs in terms of combined Spot/Derivatives market share.
Bybit now captures an aggregated 11.94%, whilst OKX captures 20.2% in November – a combined market share of over 32%! pic.twitter.com/gifhRPUJaO
— CCData (@CCData_io) December 6, 2023
