Bybit and OKX crypto exchanges’ total market shares in the derivatives market have reached record levels. According to data from CCData, Bybit’s market share is at 11.94%, while OKX’s is at 20.2%. This increase occurred during a period when Binance experienced a decline in its market share.
Binance maintained its position as the largest derivatives exchange in November with a trading volume of $1.26 trillion on a monthly basis. However, OKX and Bybit exchanges recorded significant growth with trading volumes of $660 billion and $375 billion, respectively.
Analyses since the beginning of the year have revealed significant increases in the spot market shares of Upbit, Bybit, and OKX. Binance, BeQuant, and Crypto.com, on the other hand, experienced declines in their spot market shares.
In terms of derivative volumes, the highest market share increases were seen by OKX and Bybit. OKX’s market share rose to 24.9%, and Bybit’s market share climbed to 14.2%. Binance’s market share dropped to 47.6%, which is the lowest level since October 2020.
On the other hand, the Chicago Mercantile Exchange (CME) saw its derivatives trading volume increase by 18.4%, reaching $67.9 billion. While Bitcoin futures volumes at the CME increased, Ethereum futures volumes reached their highest level since February 2022. In November, central exchanges achieved the highest trading volumes since March 2023.