CCData's Exchange Review aims to capture the key developments within the cryptocurrency exchange market, focusing on analyses related to exchange volumes, crypto derivatives trading, market segmentation by exchange fee models, crypto to crypto vs fiat to crypto volumes and more.

Key Takeaways

• Binance’s spot market share across top-tier exchanges fell for the first time in five months, decreasing from 62.0% in February to 57.7% in March. Meanwhile, Binance’s derivatives market share has continued to rise, recording an all-time high market share of 64.0% as of March.
  
  
• Spot trading volume on Binance rose 2.54% to $554bn, while its counterparts saw a significant increase with OKX and Coinbase registering a rise of 29.7% and 23.5% to $54.9bn and $49.3bn, respectively. Currently, Binance offers only zero-fee trading for BTC-TUSD and ETH-TUSD trading pairs.
  
  
• In March, the derivatives trading volume across centralised exchanges rose 32.6% to $2.77tn, the highest volume since September 2022. Meanwhile, the spot trading volume on centralised exchanges rose 10.8% to $1.04tn. 
  
  
• In March, the total derivatives trading on CME (including futures and options) rose 34.5% to $48.8bn, the highest since January 2022. This recorded the third consecutive increase in volumes traded on CME, highlighting the increased institutional interest in the industry. 
  
  
• The derivatives market now represents 72.7% of the entire crypto market (vs 69.0% in February). This is an all-time high for the market share of derivatives.