Binance remained the largest cryptocurrency derivatives exchange with a market share of 47.4% in August. This is according to a report by CoinGecko.
However, despite its market dominance, Binance’s derivatives trading volume in August was 22.5% lower compared to July – $831.6 billion versus $1073.2 billion. This figure was also well below Binance’s annual high of $1758.9 billion in March 2023.
The second-largest cryptocurrency derivatives exchange was OKX, whose market share was 17.7%, with a trading volume of $310.4 billion in August 2023. The drop in trading volume was 13.8% for the month, with $360 billion recorded in July 2023.