Binance, the leading centralized crypto exchange, continues to maintain its top rank in the market of futures trading. As per the CryptoQuant analyst, Binance witnessed a remarkable $1.08 trillion in its futures trading volume during this January, reinforcing its prominent position in the market. The crypto analyst provided insights into the futures trading of Binance in a recent report.
Binance Dominates Futures Trading while Bybit, Bitget, and OKX Lag Behind
The crypto analyst has pointed toward the significant surge in the futures trading volume of Binance. Particularly, in January this year, Binance recorded a staggering $1.08T in futures trading volume. This figure is far above the closest competitors of Binance. The 2nd-tier crypto exchanges took into account Bybit, Bitget, and OKX. Their futures trading volumes account for $509.36B, $581.98B, and $530.09B respectively. All of them posted resilient numbers but however remained behind Binance.
The respective trend continued even in February as Binance saw $717.53B in its overall futures volume. On the other hand, the competitors struggled to sustain their performance in January. Particularly, Bybit, Bitget, and OKX witnessed $275.44B, $295.26B, and $313.91B respectively. This suggests a considerable decrease in their trading activity. Subsequently, Binance is also maintaining its dominance during March, with trading volume accounting for $498.38B up till now. Nonetheless, Bybit, Bitget, and OKX have recorded reductions at $173.82B, $187.65B, and $214.86B.
Data Highlights Significant Gap Between Volumes of Leaders and Other Exchanges
According to the CryptoQuant analyst, amid the dominance of Binance and 2nd-tier crypto exchanges in futures trading. Simultaneously, smaller exchanges such as BitMEX, Crypto.com, and Kraken contribute a minor fraction of the cumulative volume. This underscores a noteworthy gap between the leading entities and the others.
