A recent report by BitMEX highlighted the increasing market share of crypto-derivatives and noted that total spot volume in May rose by 5% to $1.27 trillion. The derivatives market represented 32% of the market, 5% higher than the previous month. The largest derivatives exchange in May was Huobi as it traded $176 billion, a 29% increase since April.
It was followed by OKEx and Binance with $152 billion and $139 billion, respectively. Looking at each exchange’s April performance, OKEx was up by 33% and Binance doubled its value by noting 58% in growth.
On the contrary, formerly the market’s top BTC derivatives exchange, BitMEX, traded only $94.8 billion in May. However, it was able to beat its April numbers by registering a 37% increase.
The additional growth provided to the derivatives market was through the entry of institutional player CME, with the same noting a rise of 59% to $7.2 billion. Despite such a large increase in volume since April to reach an all-time high, there were no record daily volumes witnessed among the top players.
However, Deribit Options volume reached another all-time high by trading $3.06 billion from $1.47 billion in April. This was an increase of 109% within a month.
Apart from derivatives volumes, the Top Tier exchange volumes rose by 12.6% to $275 billion, while the Low Tier exchange volumes budged by only 0.2% t0 $858 billion. Among the Top Tier exchanges, Binance’s volume in May increased by 18.2% up to $57.2 billion. This was followed by OKEx, trading 25.7% higher to $52.1 billion. Coinbase was ranked third as its growth was 22.4%, noting $11.2 billion in trade.
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