DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May
Uniswap accounts for a monster share of DEXs volume, while in the spot market, Binance alone has jumped $110 bln. Deribit is leading the options market for both BTC and ETH, while CME did $6 bln for Bitcoin futures and $2 bln for Ether futures.
The last 24 hours have been wild, wiping out billions of dollars from the total market as the cryptocurrency prices crashed more than 50%. This, of course, resulted in the exchange volumes surging.
According to CoinGecko, in the spot market, volume on Binance surpassed $110 billion while Huobi and OKEx recorded $40 bln and $33 billion, respectively. South Korea’s biggest crypto exchange, Upbit, had about $27 billion in volume while Coinbase had just over $20 billion.
Binance, OKEx, and Huobi took the top three spots in the futures market.
In the Bitcoin futures market, $241 billion volume was recorded, rising from $84 billion the day before, as per Skew. From $53 billion on Tuesday, Ether futures volume soared to $141 billion.
Yesterday marked the first day with more than $200 billion traded in the bitcoin futures market, crushing the record of $184 billion from February.
New ATH daily trading volume: $241 billion☑️
— Arcane Research (@ArcaneResearch) May 20, 2021
Derivatives platform FTX surpassed $50 billion in volume. It was only a year ago that it hit its first $10 billion.
On CME, meanwhile, Bitcoin futures saw $6 billion in volume while Ether futures recorded $2 billion, down from over $2.5 billion on May 13.
In the options market, Deribit led the Bitcoin’s market with $2 billion in volume and Ether at $1 billion; neither was a new record.
Centralized cryptocurrency exchanges weren't the only ones to see record volumes on such a volatile day.
With 10 days still left in May, the collective volume of DEXs hit a new record of $105 billion, up from $80 billion last month, as per Dune Analytics.
In the past 24 hours, DEXs did $11.51 billion in trading volume and $41 billion in the last 7-days.
Uniswap accounted for a monster share of this volume at $5.4 billion, followed by almost $3 billion by SushiSwap.
While Curve’s volume came up to just shy of $1 billion, 0x Native and Bancor both did just over half a billion dollars.
Uniswap clearly remains the winner, having captured more than 50% of the market share, at one point hitting a new 2021 high of 61%.
Uiswap V3 is actually the largest DEX next to Uniswap V2 and is looking to surpass its own platform. As Mason Nystrom, a research analyst at Messari, puts it, “The only DEX that beats Uniswap is Uniswap.”