Derivatives Dominance: November Exchange Insights

Bybit and OKX have marked a new pinnacle in their combined market share within the derivatives realm. According to the latest insights from CCData's Exchange Review, Bybit currently commands an aggregated market presence of 11.94%, while OKX stands out with an impressive 20.2%, culminating in a robust 32% for the month of November.

This noteworthy surge in market influence coincides with the diminishing dominance of industry heavyweight Binance, despite an overall uptick in trading activities.

Binance Remains on Top in Derivatives Volume Amidst Growth Shown by OKX and Bybit

November witnessed Binance maintaining its standing as the foremost derivatives exchange in terms of monthly volume, with a trading volume of $1.26 trillion, reflecting a 30.5% surge from October.

However, the spotlight was on OKX and Bybit, which displayed substantial growth rates of 53.8% and 42.9%, engaging in trades amounting to $660 billion and $375 billion, 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

In a year-to-date analysis, Upbit, Bybit, and OKX have exhibited noteworthy advancements in spot market share. Upbit extended its dominance by 6.39% to 9.20%, Bybit by 4.89% to 5.80%, and OKX by 3.86% to 7.41%. Conversely, Binance, BeQuant, and Crypto.com witnessed the most significant declines in spot market share.

Turning to derivatives volumes, OKX and Bybit observed the most substantial upticks in market shares. OKX's market share surged by 2.75% to reach 24.9%, and Bybit's increased by 0.61% to attain 14.2%, while Binance's market share experienced a dip of 2.30%, reaching 47.6%—its lowest point since October 2020.

CME Takes the Lead in BTC Futures Open Interest

In related developments, the CME exchange reported a surge in derivatives trading volume, experiencing an 18.4% rise to $67.9 billion—the highest figure since November 2021.

BTC futures trading witnessed a 16.6% increase, reaching $51.4 billion, and ETH futures saw a 13.9% uptick to $13.9 billion—its highest since February 2022.

Simultaneously, the open interest of BTC Futures on CME surpassed that of Binance, propelling CME to the position of the largest derivatives exchange by open interest for the first time since October 2021.

Overall, November witnessed centralized exchanges achieving their peak trading volumes since March 2023. Spot trading volume surged by 52.8% to $965.8 billion, marking the highest recorded figure since March 2023.

Derivatives trading also experienced an upswing, with a 37.3% increase, reaching $2.58 trillion. Notably, derivatives now constitute 73.3% of the total crypto market volume, slightly down from 75.4% in October, amidst this flourishing market activity.

Read more: Crypto Momentum: Solana's Soaring Surge