PANews reported on April 3rd that, according to a cryptocurrency market share research report released by CoinGlass, the total global cryptocurrency trading volume in the first quarter of 2026 was approximately $20.57 trillion, of which spot trading accounted for approximately $1.94 trillion and derivatives for approximately $18.63 trillion, with a derivatives-to-spot trading ratio of approximately 9.6 times. Binance's derivatives trading volume was approximately $4.90 trillion, accounting for approximately 34.9% of the top ten exchanges, and its average open interest (OI) was approximately $23.9 billion, accounting for approximately 29.9%, both ranking first. Its spot trading volume was approximately $639.9 billion, accounting for approximately 34.3% of the top ten spot platforms. Binance also ranked first in both ±1% depth for BTC and ETH spot and futures trading. In terms of user asset accumulation, Binance's daily average assets under custody were approximately $152.9 billion, accounting for approximately 73.5% of major centralized exchanges, approximately 9.6 times that of OKX, and it is considered a platform at the level of "systemic infrastructure" in the market.

The report notes that decentralized derivatives platforms have entered the mainstream comparative landscape. Hyperliquid, for example, saw derivatives trading volume reach approximately $492.7 billion in Q1 2026, placing it among the top ten global exchanges. Its average daily open interest was around $6 billion, peaking at nearly $9.7 billion, making it comparable in size to Bitget and surpassing platforms like WhiteBIT and BingX. In contrast, its overall scale remains significantly smaller than leading centralized platforms such as Binance, OKX, Bybit, and Gate, but it poses substantial competition to the market share of second-tier CEXs, validating the trend of "decentralized derivatives moving from proof-of-concept to actual market share competition."