Derivative Volume on Crypto Exchanges Drops 11%: Futures Reach 7 Times Spot Volume

According to Wu Blockchain data, derivative trading volume on cryptocurrency exchanges fell by 11.1% on a monthly basis in July, dropping to $3.03 trillion.

According to data compiled by the Wu Blockchain Data Center, the derivative trading volume of 12 major cryptocurrency exchanges fell from $3.40 trillion in June to $3.03 trillion in July. During this period, only three exchanges increased their volume, while nine exchanges recorded a decline.

Binance maintained its leadership in the rankings with $1.40 trillion in volume, accounting for 46.3% of the total volume. Binance was followed by OKX with $581.3 billion and Bybit with $284.5 billion. Thus, the top three exchanges alone accounted for 74.9% of the total derivative trading volume in July. Binance’s volume decreased by 13% month-on-month, while OKX fell by 18.3% and Bybit by 2.1%. Coinbase reached $199.6 billion, Hyperliquid $217 billion, and Bitget reached $171.1 billion in volume.

Bitget Rises While Binance Maintains Leadership

The exchange that increased its volume the most was Bitget. Bitget’s derivative trading volume increased by 23.5% to $171.1 billion. Gate rose by 21.1%, and KuCoin rose by 7.3%. In contrast, the sharpest decline was seen in Deribit, with the exchange’s volume decreasing by 44.4%. HTX fell by 25.7%, and Hyperliquid fell by 18.5%.

The ratio of futures trading to spot trading rose from 6.21 in June to 7.06 times in July. While this ratio shows that futures trading volume reached 7.06 times the volume in the spot market, the monthly increase was recorded at 13.6%.