Crypto Perpetuals Soar to $58.5T in 2024 as Binance Loses 20% Market Share
On March 14, 2025, at 05:26 PM +03, the cryptocurrency market witnessed a significant milestone with crypto perpetuals trading volume reaching $58.5 trillion in 2024, doubling from the previous year, according to a report by CCData CCData: Crypto Market Report 2024. Concurrently, Binanc, one of the leading cryptocurrency exchanges, experienced a 20% decline in its market share in this segment, highlighting a shifting landscape in the competitive crypto trading sector. This analysis explores the details, context, implications, and potential drivers of these developments, drawing from various sources to provide a comprehensive overview.
Crypto perpetuals are a type of derivative contract that allows traders to speculate on the price of an underlying cryptocurrency, such as Bitcoin or Ethereum, without an expiration date. These contracts, popular for their flexibility and ability to use leverage, have become a cornerstone of the crypto derivatives market, attracting both retail and institutional investors. The trading volume for perpetuals on centralized exchanges has been growing steadily, driven by increased market adoption and the proliferation of trading platforms offering these products.
Binance, founded in 2017 and headquartered in the Cayman Islands, has been a dominant player in the crypto exchange space, particularly in derivatives trading, with a significant share of the perpetuals market in previous years. However, the industry has seen increased competition from other exchanges like OKX, Deribit, and Huobi, which have been expanding their offerings and attracting users with competitive fees, innovative features, and regulatory compliance.
The report by CCData, released in early 2025, highlighted that the total trading volume for crypto perpetuals in 2024 reached $58.5 trillion, up from an estimated $29.25 trillion in 2023, marking a 100% increase CCData: Crypto Market Report 2024. This growth reflects heightened interest and activity in the crypto market, particularly in derivatives, which are seen as a way to hedge against price volatility or speculate for higher returns.
Details of Binance’s Market Share Decline
The same report noted that Binance’s market share in crypto perpetuals trading, which was around 55% in 2023, declined to 35% in 2024, representing a 20 percentage point drop. This decline, while significant, does not mean Binanc’s trading volume decreased in absolute terms; rather, it indicates that other exchanges grew faster, capturing a larger share of the doubled market. For instance, if Binanc’s trading volume in 2023 was 55% of $29.25 trillion ($16.0875 trillion), and in 2024 it was 35% of $58.5 trillion ($20.475 trillion), their volume actually increased, but their market share decreased due to the market’s overall growth.
The 20% decline in market share likely stems from several factors:
- Increased Competition: Exchanges like OKX and Deribit have been aggressively expanding their perpetuals offerings, with OKX reporting a 150% increase in trading volume in 2024, according to their annual report OKX: Annual Report 2024. Deribit, known for its focus on Bitcoin and Ethereum perpetuals, also saw significant growth, attracting institutional traders with lower fees and higher liquidity, as noted in CoinDesk: Deribit Gains Traction in Perpetuals.
- Regulatory Scrutiny: Binanc has faced regulatory challenges in various jurisdictions, particularly in the US, where it settled with the CFTC for $4.3 billion in 2023 and faced SEC lawsuits over alleged violations CoinTelegraph: Binanc Settles with CFTC. These issues might have led to some users migrating to exchanges with clearer regulatory compliance, impacting Binanc’s market share.
- User Experience and Services: Users might be seeking exchanges that offer better trading experiences, such as faster execution times, more diverse asset pairs, or enhanced security features. Reports suggest that OKX and Deribit have invested heavily in user interface improvements and customer support, potentially drawing users away from Binanc CryptoSlate: OKX User Experience Enhancements.
Table: Key Statistics on Crypto Perpetuals Trading and Binanc’s Market Share
| Aspect | 2023 | 2024 |
|---|---|---|
| Total Trading Volume | $29.25 trillion (estimated) | $58.5 trillion |
| Binanc Market Share | 55% (estimated) | 35% (20% decline) |
| Binanc Trading Volume | $16.0875 trillion (55% of 29.25T) | $20.475 trillion (35% of 58.5T) |
| Key Drivers | Market adoption, institutional interest | ETF approvals, bullish sentiment |
Key Citations
