Binance maintained its leading position in crypto derivatives trading in the first quarter of 2026, while decentralized exchange Hyperliquid broke into the top 10 venues by volume, according to CoinGlass.
Derivatives trading remained the dominant force in the crypto market in Q1 2026, totaling $18.6 trillion compared with $1.94 trillion in spot trading, according to a CoinGlass report on Friday.
The analysts said trading activity remained strong over the quarter, though liquidity and capital became even more concentrated at the top. “Q1 was not about euphoria. It was about recovery, concentration, and shifting market structure,” CoinGlass said.
The data shows how a small group of exchanges continue to dominate crypto derivatives, even as decentralized platforms begin to emerge as competitors.
Binance handles $4.9 trillion in derivatives versus $640 billion in spot
Binance processed about $4.9 trillion in derivatives volume in Q1 2026, or roughly 35% of activity among the top 10 exchanges. In 2025, the exchange held about 29% of $85.7 trillion in total derivatives volume.
The exchange also dominated spot markets at a similar share, with Q1 volumes amounting to roughly $640 billion, or around 34% of total volumes among the top 10.
Binance’s dominance points to its resilience despite controversy during the quarter, after several crypto community members, including OKX founder and CEO Star Xu, alleged that it played a major role in the mass liquidation event of Oct. 10, 2025.
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Binance repeatedly denied the claims, saying the crash was driven primarily by macroeconomic factors, market maker risk controls and network congestion.
Hyperliquid enters top 10 as perpetual DEXs gain ground
Hyperliquid, a perpetual decentralized exchange, reached a key milestone in the first quarter of 2026, breaking into the top 10 derivatives exchanges by volume roughly three years after its launch.
The platform recorded about $492.7 billion in trading volume during the quarter, securing its place among the industry’s largest derivatives venues, including Binance, OKX, Bybit, Gate, BitGet, BingX, LBank, WhiteBIT and Coinbase.
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The milestone comes after steady growth across previous quarters. In its 2025 report, CoinGlass said Hyperliquid nearly dominated the entire perp DEX sector, with its market share reaching up to 70% at times.
Perp DEX activity also expanded rapidly in 2025, with volumes nearly tripling over the year and accounting for up to 90% of volumes across major derivatives exchanges.
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