In November, centralized exchange trading volume experienced a notable surge for the second consecutive month, reaching a staggering $3.61 trillion. This marks the highest recorded volume since March 2023, signifying a significant uptick in market activity. Bybit and OKX have reached unprecedented levels in their collective derivatives market presence.
OKX and Bybit Record-Breaking Derivatives Market Share
Amidst this surge, Bybit and OKX have achieved remarkable milestones in their combined derivatives market share. As per the latest Exchange Review by CCData, Bybit’s aggregated market share has soared to 11.94%, while OKX has dominated with an impressive 20.2%, culminating in a total of over 32% market share in November.
This substantial surge in market share for Bybit and OKX comes at a time when Binance, a key industry giant, is encountering a decline in dominance despite an overall rise in trading volumes.
Derivatives Volume Analysis
While Binance retains its position as the leading derivatives exchange with a monthly volume of $1.26 trillion in November, marking a 30.5% increase from October, OKX and Bybit exhibited notable growth rates. OKX witnessed a 53.8% surge, trading at $660 billion, while Bybit experienced a 42.9% increase, reaching $375 billion in trade volume.
Throughout the year, Upbit, Bybit, and OKX have seen substantial gains in spot market share, whereas Binance, BeQuant, Coinbase and Crypto.com have faced declines.
BTC Futures and Open Interest Surge at CME
CME reported a noteworthy surge in derivatives trading volume, rising by 18.4% to $67.9 billion, the highest since November 2021. BTC futures trading surged by 16.6% to $51.4 billion, while ETH futures rose by 13.9% to $13.9 billion. This marked the highest recorded value since February 2022.
Impressively, CME’s open interest in BTC futures surpassed Binance, reclaiming the title of the largest derivatives exchange by open interest for the first time since October 2021.
Overall Market Trends in November
November witnessed centralized exchanges hitting their highest trading volumes since March 2023. Spot trading volume soared by 52.8% to $965.8 billion, while derivatives trading rose by 37.3% to $2.58 trillion. Notably, derivatives accounted for 73.3% of the total crypto market volume, slightly down from October’s 75.4%.
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