The crypto market processed a massive $20.57 trillion in trading volume in the first quarter of 2026, with derivatives trading accounting for a staggering $18.63 trillion compared to just $1.94 trillion in spot markets. Binance maintained its commanding position with approximately $4.9 trillion in derivatives volume, representing roughly 35% of the top 10 market share.
Data from CoinGlass reveals that the derivatives-to-spot ratio held near 9.6x, highlighting traders' growing preference for leverage, hedging, and short-term positioning rather than direct asset accumulation. Binance also registered an average daily open interest of $23.9 billion, around double that of competitors like Bybit and OKX.
Activity showed signs of cooling and became increasingly concentrated in derivatives and top exchanges. Trading activity declined steadily through the quarter, with January recording the highest volumes before tapering off in February and hitting a low in March, reflecting lingering caution following the sharp deleveraging event in late 2025.
