Binance Crushes OKX, Bybit With Over 200% More Crypto Derivative Volume

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Binance Issues Notice on Delisting Certain Trading Pairs
  • Binance’s 24-hour futures trading volume is over $21 billion.
  • Binance also dominates the packs of other platforms in terms of Open Interest (OI).
  • The daily futures trading volume surpasses the cumulative of decentralized protocols roughly 20 times.

Despite the continued rounds of FUD and panic calls against the Binance exchange, data shows the trading platform remains a leader in crypto derivative trades. According to information from the prominent crypto derivative data analysis platform CoinGlass, Binance’s 24-hour Futures trading volume sits at over $21 billion.

In particular, Binance’s futures volume is $21.06 billion. This figure implies the exchange controls 219.45% more crypto derivative volume than its closest competitor at OKX. The OKX exchange saw just $6.59 billion futures trading volume in the last 24 hours. Likewise, Bybit saw $4.34 billion.

Furthermore, in terms of Open Interest (OI), Binance also dominated the packs of other crypto derivative trading platforms. Specifically, Binance saw a 24-hour OI trading volume of $7.18 billion, leading the closest in line, Bybit, by nearly $4.28 billion. Similarly, crypto market participants have liquidated over $14.5 million on Binance over the same period.

Meanwhile, in a recent tweet, Thor Hartvigsen, a prominent data-driven DeFi researcher, shed light on the staggering numbers behind Binance’s futures trading. According to Hartvigsen, Binance continues to dominate the landscape, with daily trading volume between $15 billion and $45 billion.

Interestingly, the researcher noted that the daily trading volume surpasses the cumulative daily volume of all decentralized perpetual protocols combined by roughly 20 times. These protocols include dYdX, GMX, Synthetix, and others.

Hartvigsen emphasized that protocols aspiring to provide a centralized exchange-like trading experience have immense growth potential in the crypto market. According to him, this involves several key factors, such as easy onboarding, great UI/UX, cheap fees, and multiple trading pairs.

Notably, Binance has come under stern scrutiny from top figures in the crypto community. Many have urged Binance users to withdraw their funds from the platform while it remains alive.