Crypto Spot Trading Activity Rebounds Over 30% In Q3, Volumes On Top 10 CEXs Hit $4.7T
Crypto spot trading activity on major centralized exchanges (CEXs) has rebounded over 30% in the third quarter after a sharp drop in the first half of the year.
According to a report by TokenInsight, the top 10 CEXs saw $4.7 trillion in activity collectively.
Binance Leads The Way In Spot Trading Activity Rebound
Binance, the leading crypto exchange in terms of daily trading volume, continued its dominance in the third quarter.
According to the report, Binance accounted for 43% of the market’s total trading activity in Q3. The exchange has also consistently captured over two-fifths of overall CEX spot trading volumes. This is much more than its competitors MEXC and Bybit, which held around 9%.
Bybit did, however, gain 0.31% of the market share in the third quarter. Meanwhile, Gate and BingX also saw strong momentum, with their respective shares of the market rising 1.74% and 1.11%.
KuCoin maintained steady growth as well, according to the report, with its share growing 0.16%.
In contract, OKX saw the largest decline in its market share among the major exchanges. This was after its share dropped 1.55% in the third quarter.
Crypto Derivatives Market Activity Overshadows CEX Spot Volumes
While the spot market rebounded in Q3, the derivatives market continued to see strong activity.
The report showed that trading volumes in the derivatives market rose around 29% in the third quarter to reach $26 trillion.
Once again, Binance was the platform of choice for traders, with its share of the derivatives market rising 31.3% in Q3, the report showed.
Meanwhile, the market share for rival exchanges OKX and Bybit dropped. Despite the decline, OKX still recorded the second-highest crypto derivatives trading activity and Bybit came in at third.
“Overall, the derivatives market is entering a phase of structural transformation. The leading exchanges continue to maintain their dominant positions, although an increasing number of competitors are emerging, intensifying market competition,” the report said.
Activity On Decentralized Platforms Surpasses $1 Trillion This Month
Alongside the increase in spot and derivatives trading activity on centralized platforms, traders are also using decentralized alternatives more.
More specifically, the decentralized perpetual market is set for a record month this October, having already crossed $1 trillion with a week still left in the month.
This month’s activity has already beaten August’s record of $762 billion, according to data from DefiLlama.
Change in monthly perps volume since February 2021 (Source: DefiLlama)
Hyperliquid is leading the charge in October, with around $317.6 billion in trading volume so far. Meanwhile, Lighter, Aster, and edgeX have seen $255.4 billion, $177.6 billion, and $134.7 billion in trading activity, respectively.
Those platforms contributed a record $78 billion in decentralized perpetual volumes on Oct. 10 alone, back when the market saw the record $19 billion liquidation.
If the current rate continues, decentralized perpetual volume could finish the month at approximately $1.3 trillion, which is nearly double the amount of activity seen in August.
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