Crypto Derivatives Market Now Represents 53.3% of Total Cryptocurrency Space: CryptoCompare Report

Total spot volume in May surged 26.5% to $4.8tn, and $5.5tn was recorded in the derivatives market, an increase of 40.4%, with CME paving the way for the institutionalization. DEXs also had a record month with $172.8 billion in volume.


Moving into June, volume across cryptocurrency exchanges is taking a hit, which makes sense given that prices are subdued.

Daily exchange volume has gone down from the high of $90 billion on May 25th to now about $42 billion. But it’s to be expected given that May was a particularly wild month. As prices pulled back significantly last month, volumes soared across the board.

Following a stable April, volume in May surged 26.5% on the spot market and a whopping 40.4% on derivatives, as per CryptoCompare report.

Total spot volume crossed $4.8 trillion with Binance, Huobi Global, and OKEx leading monthly trading volumes with $1.5tn (up 63.0%), $271bn (down 6.0%) and $242bn (down 14.6%), respectively.

Reacting to higher volatility, leverage-loving crypto folks sent the derivatives volume to $5.5tn. Here, Binance, OKEx, and Bybit are leading with $2.5tn (up 48.9%), $999bn (up 50.8%), and $574bn (up 24.0%) in monthly trading volumes respectively.

The derivatives market now represents 53.3% of the total crypto market, up from 50.2% in April.

In the futures market, regulated exchange CME remains the largest for Bitcoin derivatives, with 29.8% of open interest occurring on the exchange. In May, CME launched Micro Bitcoin Futures to attract smaller traders.

Besides Bitcoin, CME is now also paving the way for the institutionalization of Ethereum as it becomes the largest exchange for ETH futures as well, with its OI surging by 66.2% to $489 million compared to a decrease in OI seen on other derivatives platforms, as per the report.

In the options market, Deribit leads with 581,578 BTC options contracts traded in May 2021, down 0.8% from April, while ETH options jumped 43% from the previous month to record 4,891,831 ETH options contracts.

In the decentralized space, May broke the record by having a total volume of $172.8 billion, a whopping 110% jump from April, as per Dune Analytics.

In the previous months of 2021, volume on decentralized exchanges surged by $5 to $10 billion, but this time, the increase was $90 billion.

Interestingly, in May, Uniswap alone almost did the entire DEX volume of April, and the market share of popular DEX has now soared to 62.2%, up from 43.6% from late February. SushiSwap has the second-largest share at just about 11% based on weekly volume, down from 22.7% in Feb., while other DEXs account for less than 5% market share.

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