Derivatives Landscape Shifts: Binance Faces Decline as Bybit and OKX Hit All-Time Highs

    Bybit and OKX soar in derivatives market share, surpassing Binance’s dominance. November reveals Binance’s trade volume surge, but OKX and Bybit lead in growth. CME emerges as BTC futures open interest leader, signaling a dynamic shift in the crypto derivatives landscape.

    In a noteworthy development, Bybit and OKX have reached unprecedented heights in the derivatives market, combining for a formidable 32% market share in November. Bybit commands an impressive 11.94%, while OKX dominates with a substantial 20.2%, challenging the status quo.

    Despite Binance maintaining its position as the largest derivatives exchange by trading $1.26 trillion in November, the platform faces a decline in market share. This contrasts sharply with the robust growth demonstrated by OKX and Bybit, registering increases of 53.8% and 42.9%, respectively, trading at $660 billion and $375 billion.

    A year-to-date analysis reveals significant shifts in spot market share, with Upbit, Bybit, and OKX making substantial gains. Upbit’s dominance increased by 6.39% to 9.20%, Bybit by 4.89% to 5.80%, and OKX by 3.86% to 7.41%. In contrast, Binance, BeQuant, and witnessed notable declines in spot market share.

    Delving into derivatives volumes, OKX and Bybit emerge as frontrunners with the highest market share increases. OKX’s market share rises by 2.75% to 24.9%, and Bybit’s by 0.61% to 14.2%, while Binance experiences a dip by 2.30% to 47.6%, marking its lowest since October 2020.

    In a surprising turn, the CME exchange takes the lead in BTC futures open interest, reporting a surge in derivatives trading volume, reaching $67.9 billion, the highest since November 2021. BTC futures trading rises by 16.6% to $51.4 billion, and ETH futures climb by 13.9% to $13.9 billion, the highest since February 2022. This marks a pivotal moment as CME overtakes Binance in BTC Futures open interest, signaling a shift in the derivatives landscape.

    November witnessed centralized exchanges reaching their highest trading volumes since March 2023. Spot trading volume soared by 52.8% to $965.8 billion, the highest recorded figure since March 2023. Simultaneously, derivatives trading rose by 37.3%, reaching $2.58 trillion, constituting 73.3% of the total crypto market volume, slightly down from 75.4% in October

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