Which CEXs dominated derivatives volume?

TLDR

Binance, OKX, Bybit, and Bitget are the centralized exchanges that dominated crypto derivatives volume.

1. Binance held over 29% share and processed about $25.09 trillion in 2025 per a CoinGlass annual summary.

1. OKX, Bybit, and Bitget each posted multi?trillion volumes, with ETH futures alone reaching new records across venues per coverage of exchange tallies.

1. The top four CEXs controlled more than 62% of global derivatives volume, showing a concentrated market structure per the summary above.

Deep Dive

1. Binance Lead

Binance (BNB) consistently led derivatives activity by share and dollars processed.

1. It captured over 29% of global derivatives volume and $25.09 trillion in 2025 per a CoinGlass annual summary.
2. The same report describes a stratified oligopoly with deep order book liquidity concentrated on Binance.

2. OKX, Bybit, Bitget Scale

OKX, Bybit, and Bitget formed the next tier with multi?trillion derivatives flows.

1. ETH futures activity hit annual records across these venues, with exchange?specific tallies indicating trillions in volume per coverage of exchange tallies.
2. Together with Binance, the top four CEXs controlled more than 62% of global derivatives volume per the annual summary.

3. Why Concentration Matters

Concentration shapes price discovery and risk transmission.

1. Derivatives markets increasingly drive short?term price direction, particularly around liquidations and funding cycles, as noted in year?end analyses of market structure such as the annual summary above.
2. High leverage on a few venues can lead to synchronized moves, with cascades during stress that propagate across pairs and platforms.

Conclusion

Binance, followed by OKX, Bybit, and Bitget, dominated derivatives volumes, accounting for the majority of global activity. This concentration improves liquidity and execution but also centralizes leverage, making market moves more tightly linked to positioning and liquidation dynamics on these venues.