by Reza Ali
The crypto derivatives market worldwide achieved explosive growth in 2024 due to exceptional trading volumes of perpetual futures contracts. Traders and markets showed powerful changes.
In 2023 total trading volume across top 10 perpetual exchanges set new records at $58.5 trillion as shown in CoinGecko’s data, representing a major 109% jump from the previous year. The exponential market growth demonstrates that traders increasingly use perpetual futures contracts to open permanent trading positions because these contracts never expire.
The perpetuals market grew globally yet Binance lost dominance of its formerly strong position during 2024. During 2024 the exchange lost 9% of its original 43% market share to CEXs Bybit, OKX, and Bitget.
1/ CEX perpetuals volume doubled to $58.5T in 2024 🚀
• The top 10 centralized perp exchanges recorded $21.2T in Q4, up +79.6% from Q3.
• @Binance remained the largest player but saw its market share drop from 43% in January to 34% in December.
• @coinbase entered the top… pic.twitter.com/YctrQ2KOmw— CoinGecko (@coingecko) March 14, 2025
Coinbase International Emerges as a Strong Contender
Binance maintained its total trading growth yet lost market share to rivals. During the fourth quarter the collective trading volume of the top 10 perpetual exchange operators increased by 79.6% to reach $21.2 trillion. This surpasses the $11.8 trillion recorded in the preceding third quarter.
Binance held first place in market share during December 2022 with 34% but dropped from its previous 39.5% share in October. Coinbase International joined the market as a strong new rival in 2024. The new exchange entered top 10 rankings as trader activity strongly favored it during its first fourfold increase in trading activity.
Decentralized perpetual trading platforms grew greatly in popularity as they competed against Binance’s leadership position. The industry experienced explosive trading activity reaching $1.5 trillion during 2024 for an outstanding 138.1% expansion from $647.6 billion the previous year.
HYPE rose to become the foremost trading platform on decentralized perpetual exchanges with 55% market share in Q4 2024 and reached a peak of 66% in December. After its peak position dYdX lost most of its share while trading in decentralized perpetual contracts.
Bitcoin Dominates Perpetual Trading with 45% Open Interest
During 2024 the platform that owned 73% of the market dropped to 7% market position. Jupiter gained the number two position among decentralized perpetual exchanges despite Solana playing a minor role in DEX trading volume at 15%.
The exchange market measured Bitcoin trades on top 10 exchanges took 45% of all open positions throughout 2024. On November 22, 2024 CoinGecko detected open interest passed $100 billion for the first time which maintained throughout the year.
Open interest levels jumped because of broader economic conditions especially from the U.S. presidential election in November. Donald Trump’s election win boosted cryptocurrency traders and investors to take more bets on bullish prices while setting up leveraged futures positions.
Solana attracted more traders because celebrities launched popular new meme coins on its platform. When 2025 opened positive the market shifted back to 2022 levels because President Trump is continuing to execute his economic plans.
Professionals in the industry expect great opportunities ahead because the new administration shows strong support for digital assets. The crypto derivatives market needs upcoming positive regulations for bigger growth and continues shaping digital currencies
#blockchain #crypto, #decentralized, #distributed, #ledger
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