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- Crypto perpetuals hit $58.5 trillion in 2024, doubling 2023 volumes.
- Binance’s market share drops to 34% as competitors gain traction.
- DEX trading surges 140%, with Hyperliquid dominating decentralized perpetual.
The Cryptocurrency market hit new all-time highs in the year 2024, and perpetual future trading volumes reached $58.5 trillion on the top 10 CEXs. As per data from CoinGecko, this has increased from $28 trillion in the year 2023, indicating the growth of derivatives in the crypto market. The rise has been observe in the fact that both the institutional and the retail investors participate in the market.
Despite the continuing growth of the crypto market, Binance, the former market leader in the field of crypto exchange, lost a significant competitive position in the market. Starting as the market leader with 43% in the first quarter, Binance’s market share reduced to 34% by the last quarter, and it dropped to 20% in the year 2024. This decline came as competitors started emerging, which was an indication of a shift in the competition in the crypto derivatives market.
Crypto Q4 Volume Surge
In Q4 of 2024, the trading volume reached $21.2 trillion, which is a 79.6% upswing from the $11.8 trillion in Q3. Thus, Binance dominated the market while competitors took substantial steps forward. Coinbase International entered the top 10 for the first time in December with over a fourfold growth of trading turnover. This has placed Coinbase in a very strategic position within the perpetual trading market since it continues to expand.
Decentralized exchanges (DEXs) also showed quite a hike in trading volumes, which reached $1.5 trillion in 2024, which is approximately 140% higher than in 2023. Hyperliquid was establish as the market leader in DEX perpetual in Q4, with a market share of more than 55%, which rose to 66% in December. Holders of dYdX, which was one of the leaders in the decentralized perpetual trading market share in early 2023, lost 73% in market share by December 2024.
Source: CoinGecko
Bitcoin was the most traded asset in perpetual markets, although it stepped down over the course of the year. From 43% in the first month of the year 2024, Bitcoin trading in the perpetual market reduced to 34% by the end of the year. This is a shift that has probably been seen as a result of the expansion of the crypto derivatives market, where traders start to explore different types of underlying assets.
Continuously, the crypto derivatives market is experiencing revolutionary transformation due to the record high volumes and growing competition. New competitors such as Coinbase International and Hyperliquid are emerging while disrupting the market of leaders like Binance and dYdX.
New Entrants Reshape Market
The year 2024 delivers the new turnover’s highest levels ever seen and new trading characteristics for perpetual due to these factors, such as new entrants and increased popularity of the decentralized marketplace. Perpetual futures are expected to remain one of the crucial components of the growth and development of the crypto market.
