2025 Coinglass Derivatives Exchange Report: Reshaping the Competitive Landscape and Analyzing Key Differences

The cryptocurrency market has experienced significant growth and transformation in recent years, with the total market capitalization reaching new heights. This report analyzes the key aspects of the cryptocurrency derivatives market and major exchanges based on Coinglass data.

Derivatives Market

The cryptocurrency derivatives market has seen unprecedented growth. The global crypto derivatives market has set new records, with average daily trading volumes exceeding $100 billion and monthly trading volumes surpassing $3 trillion. The total open interest of BTC contracts in the global crypto derivatives market has exceeded $60 billion.

A leading high volume crypto exchange topped the market with a total trading volume of over $14 trillion for the top ten contract cryptocurrencies. Another major platform ranked second globally with a trading volume of more than $7 trillion. Two other prominent exchanges followed in third and fourth places, respectively.

In the BTC options market, the total open interest reached over $41 billion, with a specialized options platform dominating over 80% of the global market share. A major high volume crypto exchange performed exceptionally well, ranking third with an open interest of nearly $3 billion, accounting for a significant portion of the global market share.

Spot Trading Volume

The cryptocurrency spot trading market has shown a trend of centralization. A leading high volume crypto exchange maintained its top position with over $2 trillion in mainstream spot trading volume. Two other major platforms followed with volumes exceeding $800 billion each. Two more exchanges completed the top five with trading volumes of over $600 billion each.

Asset Holding Transparency

Transparency has become a crucial factor for centralized exchanges to gain user trust. According to DefiLlama data, 'Assets' and 'Clean Assets' have emerged as key metrics for assessing exchange health.

A top high volume crypto exchange ranked first with total assets exceeding $165 billion. Another major platform showed strong performance with a significant net inflow and total assets reaching nearly $29 billion, of which over 99% were clean assets.

Trading Fee Metrics

Spot Trading Fees

Major exchanges have adopted different fee strategies for various user levels. For ordinary users, most exchanges maintain a 0.1% maker and taker fee. For VIP users, some high volume crypto exchanges offer competitive rates with negative maker fees and low taker fees for top-tier users.

Contract Trading Fees

In the derivatives market, exchanges show more variation in their fee structures. Some platforms stand out with aggressive fee strategies for top VIP users, offering negative maker fees and competitive taker fees.

Funding Rates for Contracts

Funding rates in recent years have reflected overall market optimism. Several high volume crypto exchanges have maintained positive funding rates for a majority of days throughout the year.

Conclusion

The cryptocurrency market, particularly the derivatives sector, has demonstrated remarkable growth and evolution. Major high volume crypto exchanges have shown strong performances in various aspects, from trading volumes to transparency initiatives. The competitive landscape has been reshaped by factors such as innovative products, user experience enhancements, and strategic fee structures. As the market continues to mature, the focus on transparency, competitive fee strategies, and diversified product offerings will likely remain key drivers in determining market leadership and user preference in the cryptocurrency exchange ecosystem.

FAQ

What are the 10 biggest crypto exchanges?

The top 10 crypto exchanges by trading value are constantly changing. They typically include major platforms known for high liquidity and trading volumes. Rankings can vary based on market conditions and data sources.

What crypto has the highest volume?

Bitcoin (BTC) has the highest trading volume. Its 24-hour volume is over $61 billion, with a market cap of $2.23 trillion.