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Binance Sees Market Share Erode as Rivals Bybit and OKX Reach New Highs

In the latest Exchange Review released by CCData, Bybit and OKX have clinched record highs in their derivatives market share, collectively amassing over 32% in November.

Bybit now boasts an 11.94% slice of the market, with OKX taking the lead at 20.2%. This rise to prominence contrasts sharply with the industry behemoth Binance, which has seen its once-dominant position wane, even as the overall trading volume on centralized exchanges surged to $3.61 trillion, marking the highest point since March 2023.

Binance Sustains Lead as OKX and Bybit Accelerate in Derivatives

In the competitive arena of cryptocurrency derivatives, November’s spotlight shines on Binance as it continues to dominate the monthly trading volume. Recording an impressive $1.26 trillion, Binance saw a 30.5% uptick from its October figures.

However, this period also highlighted a significant surge for contenders OKX and Bybit, with both exchanges demonstrating remarkable growth. OKX soared with a 53.8% increase to reach $660 billion, while Bybit ascended by 42.9%, hitting $375 billion in trades.

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A broader view of the year reveals dynamic shifts in the spot market landscape. Upbit has notably bolstered its presence with a 6.39% jump, reaching a 9.20% market share. Bybit and OKX have also carved out substantial gains, capturing 5.80% and 7.41% of the market, respectively.

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Shifting Tides in Crypto Markets

This growth comes in stark contrast to the retreats seen by industry players like Binance, BeQuant, and Crypto.com, which have faced the steepest drops in spot market share.

Focusing on derivatives, the tides are turning with OKX and Bybit making headway in their market shares. OKX has climbed by 2.75% to claim 24.9% of the market, while Bybit has edged up by 0.61% to secure 14.2%. Meanwhile, Binance has encountered a downturn, with its market share retracting by 2.30% to 47.6%, marking its lowest point since October 2020.

Surge in Derivatives: CME Tops BTC Futures Open Interest

In a significant development within the derivatives market, CME Group has experienced a notable uptick in trading volume. The exchange witnessed an 18.4% increase in derivatives trading, reaching $67.9 billion — a figure not seen since November 2021.

This growth was driven by a rise in BTC futures trading, which escalated by 16.6% to $51.4 billion, and ETH futures, which grew by 13.9% to $13.9 billion, marking their highest levels since February 2022.

A pivotal shift was observed in the BTC Futures sector, where CME successfully surpassed Binance in open interest. This milestone positions CME as the leading derivatives exchange by open interest, a status it last held in October 2021.

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The broader scenario for November in centralized exchanges was equally dynamic, with trading volumes hitting their peak since March 2023. The spot trading volume saw a substantial increase of 52.8%, reaching $965.8 billion. Similarly, derivatives trading witnessed a 37.3% rise, amounting to $2.58 trillion in total.

Interestingly, derivatives now comprise 73.3% of the entire crypto market volume. Although this represents a slight decrease from the 75.4% share observed in October, it reflects the significant role derivatives play in the cryptocurrency market.


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Donald Haymatter

Donald Haymatter is an expert broker with 15+ years of experience. He stays up-to-date with the latest financial news and trends to help clients make informed investment decisions. Donald is known for his analytical approach and personalized investment advice. Outside of work, he enjoys reading and mentoring young professionals.

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