Bybit and OKX have achieved record high market shares in their synthetic derivative segments. According to the latest data from CCData, Bybit currently holds a synthetic derivative market share of 11.94%, while OKX leads with 20.2%, totaling over 32% in November.
This increase in market share comes as the industry giant Binance is experiencing a decline in its dominant position, despite an overall increase in trading volume. In November, Binance maintained its position as the largest derivative exchange in terms of monthly trading volume, trading $1.26 trillion, a 30.5% increase from October.
However, OKX and Bybit have shown the most significant growth, with respective increases of 53.8% and 42.9%, trading at $660 billion and $375 billion.
In year-to-date analysis, Upbit, Bybit, and OKX have significantly increased their spot trading market shares. Upbit increased its dominance by 6.39% to 9.20%, Bybit rose by 4.89% to 5.80%, and OKX increased by 3.86% to 7.41%. In contrast, Binance, BeQuant, and Crypto.com have seen the highest declines in spot market share.
Regarding futures trading volume, OKX and Bybit have seen the highest increases. OKX’s market share increased by 2.75% to 24.9%, and Bybit’s market share increased by 0.61% to 14.2%, while Binance’s market share decreased by 2.30% to 47.6%, marking its lowest level since October 2020.
In related news, the CME exchange reported a surge in futures trading volume, increasing by 18.4% to $67.9 billion, the highest since November 2021. Bitcoin futures trading increased by 16.6% to $51.4 billion, and Ethereum futures trading rose by 13.9% to $13.9 billion, the highest since February 2022.
Meanwhile, the open interest in CME Bitcoin futures surpassed that of Binance, making CME the largest derivatives exchange in terms of open interest for the first time since October 2021.
Overall, November saw centralized exchanges reach the highest trading volumes since March 2023. Spot trading volume increased by 52.8% to $965.8 billion, marking the highest recorded figure since March 2023. Derivative trading also increased by 37.3%, reaching $2.58 trillion. Notably, derivatives now account for 73.3% of the total cryptocurrency market volume, a slight decrease from 75.4% in October.