The trading volume for crypto derivatives is declining overall, which has favored a change in the top position.
Binance has overtaken Huobi and OKEx, making it the market-leading crypto exchange in terms of trading volume for crypto derivatives. The overtaking maneuver succeeded in September with $ 164.8 billion in trading volume, according to data from CryptoCompare.
When evaluating the trading volume for crypto derivatives, the market researchers found that Binance recorded almost $ 8 billion more in volume than the competition in the past month
While Huobi is worth 156.3 billion US dollars, OKEx comes to 155.7 billion US dollars. BitMEX is far behind in fourth place at $ 56.4 billion.
The new data suggests BitMEX was already in trouble before the trading platform’s senior management was indicted by American regulators . Subsequently, the crypto exchange lost 30.7% of the market share in one fell swoop than ever before.
Huobi, OKEx and Binance account for just under 90% of the trading volume for crypto derivatives in September alone, although the trading volume fell by 17.5% compared to the previous month and has slipped to a total value of 634.9 billion US dollars.
As CryptoCompare reports, only the FTX recorded a gain, with an increase of 12% in September to a volume of 23.89 billion US dollars
In addition, the new numbers reveal that the daily volume for crypto derivatives trading hit a year-to-date high on September 3, with $ 27.6 billion in turnover on that day. The 2020 high was hit on July 27th and stood at $ 27.1 billion.
The volume for options on the regulated trading platform CME, which is an indicator of the interest of institutional investors, increased by 79.4% from August to September, which corresponds to a monthly volume of 4,872 traded contracts. As CryptoCompare indicates, the volume of futures for Bitcoin ( BTC ) at the CME has remained almost the same, with a minimal 1% decline.