Binance led derivatives trading in Q1 2026 with about $4.9 trillion in volume, while Hyperliquid entered the top 10 as perpetual decentralized exchanges continued to gain traction, according to CoinGlass. This massive trading volume highlights the continued dominance of centralized exchanges in the derivatives market.
The data shows the growing importance of derivatives trading in the crypto ecosystem, with Binance maintaining its position as the market leader. Meanwhile, the entry of Hyperliquid into the top 10 demonstrates the rising significance of decentralized perpetual trading platforms.
The $4.9 trillion figure represents the total notional value of derivatives contracts traded on Binance's platform during the first quarter of 2026, underscoring the massive scale of institutional and retail trading activity in the crypto derivatives space.
