Overview
- Binance processed about $4.9 trillion in crypto derivatives during Q1 2026, keeping a wide lead over rivals.
- Derivatives trading dominated the quarter with volumes roughly 9.6 times larger than spot markets.
- Binance reported around $23.9 billion in average daily open interest and held about $152.9 billion in user assets.
- Decentralized exchange Hyperliquid broke into the top ten with about $492.7 billion in volume and open interest near $6 billion.
- OKX ranked second by volume with Bybit and Gate.io close behind, while many institutions continued using CME as activity cooled from January highs.