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Crypto derivatives trading accounted for 63.4% of the total crypto market in September, up 1.54% month-on-month to reach $2.71 trillion, according to data from CryptoComapre.
Led by Changpeng Zho, Binance accounted for 60.1% of this derivatives trading volume across exchanges in September. This trend continued from July and August, when trading volumes overwhelmed other competing exchanges.
OKX is second with 16.8% market share, while Bybit rounds up the top three with 11.7% market share.
According to the report, the highest daily trading volume was on September 13, when the derivatives exchange traded $136 billion.
Meanwhile, spot trading activity increased 3% in the same month to $1.56 trillion.
Huobi’s share price has fallen as September’s derivatives trading volume plummeted 27.9% to $9.56 billion, continuing its year-to-date decline.
According to CryptoCompare’s report, Huobi was the largest trading platform for derivatives trading, but its number is down 77% year-to-date. Its market share plummeted from 34.6% in January 2020 to 0.36% by September 2022.
The exchange faced increasing market competition and regulatory challenges that pushed it out of its largest user base, China, in December 2021.
The exchange’s attempts to expand geographically have yielded a lot, as regulatory bottlenecks from these locations have been a hindrance.
Meanwhile, the exchange has announced a takeover by Hong Kong investment fund manager About Capital. Tron Network founder Justin Sun is an investor in the fund and currently serves as his advisor to the exchange Global.
The Chicago Mercantile Exchange (CME) saw Bitcoin futures trading volume increase for the first time in four months, up 37.3% to $27.4 billion. This surge signals a return of institutional interest in BTC futures.
According to CryptoCompare, CME set a record for the highest number of BTC futures contracts traded this September. The report reveals a 53.8% rise in the metric month-on-month, while BTC options contract volume also rose 5.46% in the same month.
In terms of total U.S. dollar trading volume, ETH futures on CME reached $11.9 billion in September (up 32.6% from August). Total ETH + BTC futures volume increased 35.9% to $39.3 billion.
