According to CoinGlass, Binance maintained its leading position in crypto derivatives trading in the first quarter of 2026, with decentralized exchange HyperLiquid breaking into the top 10 by trading volume.
Derivatives trading remained the dominant force in the crypto market in the first quarter of 2026, with a total value of $18.6 trillion compared to $1.94 trillion for spot trades, according to a Coinglass report on Friday.
Analysts said trading activity remained strong throughout the quarter, although liquidity and capital were further concentrated at the top. “The first quarter wasn’t about euphoria. It was about recovery, focus and changing market structure,” Coinglas said.
This data shows how small exchange groups continue to dominate crypto derivatives, even as decentralized platforms begin to emerge as competitors.
Binance handles $4.9 trillion in derivatives and $640 billion in spot
Binance processed approximately $4.9 trillion in derivatives trading volume in the first quarter of 2026, which is approximately 35% of the trading volume of the top 10 exchanges. In 2025, the exchange held about 29% of the $85.7 trillion in total derivatives.
The exchange also dominated the spot market with a similar share, with trading volume reaching about $640 billion in the first quarter, accounting for about 34% of the total trading volume of the top 10 companies.
Binance’s dominance shows its resilience despite controversy during the quarter after several crypto community members, including OKX founder and CEO Star Xu, claimed that Binance played a key role in the mass liquidation event on October 10, 2025.
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Binance has repeatedly denied this claim, saying the crash was mainly caused by macroeconomic factors, market maker risk management, and network congestion.
Permanent DEX is on the rise and Hyperliquid enters the top 10
HyperLiquid, a perpetually decentralized exchange, reached an important milestone in the first quarter of 2026, ranking among the top 10 derivatives exchanges by trading volume nearly three years after its launch.
The platform recorded approximately $492.7 billion in trading volume during the quarter, securing its position among the industry’s largest derivatives exchanges, including Binance, OKX, Bybit, Gate, BitGet, BingX, LBank, WhiteBIT, and Coinbase.
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This milestone comes after steady growth over the previous quarter. CoinGlass said in its 2025 report that Hyperliquid nearly dominates the entire PERP DEX sector, with its market share sometimes reaching up to 70%.
Perp DEX activity also expanded rapidly in 2025, with trading volume increasing nearly three times over the year and accounting for up to 90% of trading volume across major derivatives exchanges.
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