Crypto derivatives trading reached $18.6 trillion in the first quarter of 2026, dwarfing spot market activity of $1.94 trillion, according to a report from data firm CoinGlass. The figures underline how derivatives continue to dominate the broader digital asset market. Analysts noted that while trading activity held up across the quarter, liquidity and capital grew increasingly concentrated among a handful of platforms. CoinGlass described the period as one of “recovery, concentration, and shifting market structure” rather than speculative enthusiasm.
Binance processed approximately $4.9 trillion in derivatives volume during the quarter, representing around 35% of combined activity across the top 10 exchanges. That share is notably higher than the roughly 29% the exchange held of the $85.7 trillion in total derivatives volume recorded throughout 2025. Binance also led spot markets over the same period, handling close to $640 billion, or about 34% of top-10 spot volumes.
The exchange’s continued dominance comes despite controversy stemming from a significant liquidation event on October 10, 2025. Several figures in the crypto community, including OKX founder and chief executive Star Xu, alleged that Binance played a central role in triggering the mass liquidations. Binance denied the allegations on multiple occasions, attributing the market crash primarily to macroeconomic conditions, risk controls applied by market makers, and network congestion.
On the decentralized side, perpetual exchange Hyperliquid reached a notable milestone by entering the top 10 derivatives venues by volume for the first time, approximately three years after its launch. The platform recorded around $492.7 billion in trading volume during the quarter, placing it alongside established centralized exchanges including Binance, OKX, Bybit, Gate, BitGet, BingX, LBank, WhiteBIT, and Coinbase. The achievement marks a significant step for decentralized trading infrastructure competing directly with major centralized venues.
Hyperliquid’s entry into the top 10 follows a period of sustained growth across prior quarters. In its full-year 2025 report, CoinGlass noted that Hyperliquid had come close to dominating the entire perpetual decentralized exchange sector, with its market share reaching as high as 70% at certain points during the year. The broader perpetual DEX segment also expanded sharply in 2025, with volumes nearly tripling over the course of the year.
Perpetual DEX activity accounted for as much as 90% of volumes across major derivatives exchanges at its peak in 2025, reflecting a broader shift in how traders are accessing leveraged crypto exposure. The CoinGlass data suggests that while centralized platforms like Binance retain a commanding lead, decentralized alternatives are beginning to establish a more meaningful presence in the competitive landscape. The trajectory of platforms like Hyperliquid will likely be closely watched in the quarters ahead as the market structure continues to evolve.
Originally reported by CoinTelegraph.
