2024 Derivatives Exchange Report: Reshaping the Track Pattern and Analysis of Key Differences

In 2024, the 暗号currency market ushered in recovery and structural changes, with the total market value exceeding 3.8 trillion US dollars, a year-on-year increase of 110%. Among them, the price of BTC exceeded the 100,000 US dollar mark in this year, setting a record high. This is not only an important node in the development of the crypto market, but also a year of comprehensive rise of the derivatives market.

These milestone data are due to the superposition of multiple positive factors in the industry. In January, the SEC approved the listing of 11 Bitcoin spot ETFs, including products from asset management giants such as BlackRock and Fidelity Investments. In July of the same year, the approval of the Ethereum spot ETF further enriched investors choices and injected more liquidity into the market. At the same time, Tesla CEO Elon Musks public support at the Bitcoin 2024 Conference has injected more confidence into the market. He called Bitcoin gold in the digital age and reiterated his long-term belief in DeFi. This statement further consolidated the position of crypto assets as a mainstream investment category.

Driven by macro-favorable factors, the derivatives market has become another important growth engine for the crypto industry in 2024. According to Coinglass data, the global crypto derivatives market transaction volume rose sharply in 2024, and the amount of open contracts hit a record high, showing investors high interest in leveraged products and market price fluctuations. Major exchanges have demonstrated their unique competitiveness in derivatives and spot markets, including:

- バイナンス leads the market with an average daily mainstream contract trading volume of US$40 billion, consolidating its industry leadership with its strong liquidity and broad user base.

- OKX ranks second with an average daily mainstream contract trading volume of US$19 billion, and has laid a solid foundation for the sustainable development of the platform through its leading asset reserve proof mechanism.

- バイビット ranks second in the global exchange spot market with an average daily mainstream spot trading volume of US$2.3 billion, and will have an inflow of over US$8 billion in 2024.

- Crypto.com finds breakthroughs in specific areas and wins market share through innovative features and user experience.

- Deribit dominates the options track, accounting for 82.2% of the Bitcoin options market share, establishing its leadership in the professional derivatives field.

• As the leading on-chain exchange, Hyperliqud uses decentralized perpetual contracts and margin trading to drive the industry towards transparency and efficiency.

These platforms not only drive the growth of trading volume, but also provide valuable observation samples for the global crypto market. As an industry-leading contract data analysis platform, Coinglass will analyze how major exchanges gain advantages in the global landscape from data such as derivatives markets, spot trading volume, asset transparency, and transaction fees, and explore the core driving force of the crypto market in 2024, providing forward-looking insights and thinking for investors and the industry.

1. Derivatives 市場

In 2024, the cryptocurrency derivatives market experienced historic growth and became an important part of the cryptocurrency market. The global crypto derivatives market set new records, with an average daily trading volume of more than $100 billion and a monthly trading volume of more than $3 trillion, far exceeding the trading volume of the spot market. This significant growth reflects the increased demand for leveraged products among investors, especially during periods of high market volatility. As the market matures and the regulatory framework improves, more and more institutional investors – such as hedge funds and asset managers – are pouring into the derivatives market, driving further market development. In addition, the participation of retail investors is also growing rapidly. Simple and easy-to-use trading platforms have lowered the entry barrier, and the high leverage characteristics of derivatives have attracted a large number of retail users seeking short-term gains.

As of the end of 2024, the total amount of open BTC contracts in the global crypto derivatives market exceeded $60 billion, showing the markets continued demand for risk management tools and leveraged products. The impact of derivatives trading on the market cannot be ignored. First, it significantly improves market liquidity, allowing traders to leverage a larger market size with less capital, reducing the impact of large transactions on spot prices, and making the market more efficient. Second, the derivatives market plays an important role in price discovery, especially in periods of market volatility, when the prices of futures and perpetual contracts often ガイド the price trends of the spot market. In addition, derivatives also provide hedging tools for institutional investors, reduce the volatility of their asset portfolios, and attract more long-term capital inflows. Ultimately, trading behavior in the derivatives market promotes the efficiency of market pricing, reduces the volatility of cryptocurrency assets, enhances the overall stability of the market, and lays the foundation for the maturity and healthy development of the cryptocurrency market.

In 2024, the trading volume of the cryptocurrency derivatives market accounted for a significant share of the total trading volume, and the market distribution among major exchanges also showed obvious differences. According to Coinglasss contract trading volume data, Binance continued to lead the market, with the total trading volume of the top ten contract currencies in 2024 reaching US$146,855 billion, far exceeding other competitors, demonstrating its unrivaled advantage in the field of crypto derivatives trading. OKX ranked second in the world with a trading volume of US$70,648 billion, also demonstrating its core position in the global derivatives market. OKXs users are mainly concentrated in the top five currencies such as BTC, ETH, SOL, DOGE and PEPE, further consolidating its market dominance in these high-demand currencies.

Although Bitget and Bybit ranked third and fourth respectively and performed very well, there is still a significant gap between their trading volumes and those of Binance and OKX, showing that the competition landscape in the global market is still relatively concentrated.

The competition among different exchanges is quite different. Platforms such as OKX and Binance have consolidated their leading position in the global market by optimizing trading products and improving user experience, while Bitget and Bybit have demonstrated unique competitiveness in specific fields or currencies.

In 2024, the BTC price broke through the $100,000 mark, driving significant growth in the BTC options market. As the price of Bitcoin climbed, the activity of options trading increased significantly, with the total open interest reaching $41.127 billion, further consolidating its core position in the global market.

As of December 19, 2024, the total open interest in the BTC options market was $41.127 billion, and that of ETH was $10.072 billion. The BTC market size is four times that of ETH, reflecting BTC’s position as a core asset for crypto market liquidity.

In the competitive landscape of the BTC options market, Deribit continues to dominate, holding 82.2% of the global market share. Meanwhile, OKX has performed well with its flexible product strategy and strong liquidity, ranking third with a position of $2.927 billion, accounting for 7.1% of the global market share. This performance highlights OKXs rapid rise in the options market and its potential for continued growth.

The Ethereum (ETH) options market continued to grow, with total open interest reaching $10.072 billion in 2024. With the further development of the smart contract ecosystem and the promotion of staking activities, the ETH options market has shown a steady growth trend.

The price of ETH exceeded $4,000 in 2024, driving the expansion of market demand. In the market landscape, Deribit continues to dominate, while other platforms have gradually expanded their share with their respective market strategies. Data shows that among the top-ranked platforms, some exchanges have a market share of more than 10%, showing the active layout of competitors in this field.

2. Spot Trading Volume

In 2024, the cryptocurrency spot trading market showed a trend of centralization, and the market share gap between major exchanges widened further. In 2024, Binance ranked first with a mainstream spot trading volume of over 2.15 trillion US dollars, occupying an absolute dominant position in the market. Following closely behind were Bybit and Crypto.com, with mainstream spot trading volumes of 858 billion US dollars and 810 billion US dollars respectively, forming the second echelon, indicating that they have certain competitive advantages in the mid-sized market.

Coinbase and OKX ranked in the top five with trading volumes of $635 billion and $606 billion, respectively, consolidating their solid position in the market. In contrast, Krakens trading volume was $133 billion, Bitstamps was $67 billion, and Bitfinexs was $58 billion. These exchanges have relatively small market sizes and their user groups are more concentrated in specific regions or professional investors. Geminis trading volume was only $18 billion, ranking low among major exchanges, reflecting its market positioning that is more focused on serving institutional clients and long-term investors.

3. Transparency of Asset Holdings

Transparency is gradually becoming the key for centralized exchanges to win user trust. The collapse of FTX in 2022 exposed the industrys deep-seated problems in asset transparency and risk management, which directly led to a crisis of market trust. It is difficult for users to verify the true financial status of the exchange, and internal governance defects have exacerbated the risk of asset loss. The industrys credibility has been severely damaged, and market uncertainty has increased significantly, posing a severe challenge to the long-term development of the cryptocurrency industry.

After the FTX incident, the markets demand for transparency increased rapidly, and CEX began to rebuild trust through asset disclosure and technology upgrades. Top exchanges including OKX took the lead in launching proof of reserve POR and adopted advanced encryption technologies such as zk-STARK, allowing users to independently verify asset status and balance transparency and privacy protection. This trend not only reshaped the industrys trust foundation, but also established new development standards for CEX, laying an important foundation for the future of the crypto market.

加えて、 the transparency of exchanges is inseparable from a clear and quantifiable indicator system. According to DefiLlama data, assets and clean assets have become the key to assessing the health of exchanges:

The first is assets , which includes all assets held by exchanges, but does not include IOU assets that have been counted on other chains. For example, the pegged BTC on the Binance Smart Chain (BSC) has been recorded in the Bitcoin chain, so it will not be counted twice.

2つ目は Clean Assets : It reflects the total locked value (TVL) of the exchange, excluding the exchange’s own assets (such as platform coins), and more truly measures the asset quality and liquidity of the exchange.

Through these two indicators, users can more clearly assess the robustness and transparency of the platform.

バイナンス ranks first in the industry with total assets of US$165.29 billion . Faced with increasingly severe regulatory pressure, Binances transparency and asset quality issues have attracted widespread attention from the market.

In 2024, OKXs capital inflow and transparency performance became important data points in the crypto industry. According to DefiLlama data: OKX ranked first in the industry with a net inflow of US$4.602 billion , and total assets reached US$28.86 billion , of which US$28.72 billion were clean assets, and the clean asset ratio was as high as 99.5% . Net inflow data shows that OKX is at the leading level among similar exchanges, showing a significant increase in user trading activity and capital flow. The clean asset ratio shows that the vast majority of assets held by the platform are uncollateralized or loaned assets, reflecting a high level of capital security and liquidity.

Bybit saw a rapid increase in net inflows of $8 billion, while Crypto.com そして Bitfinex saw net outflows of $220 million そして $2.3 billion , respectively, reflecting further declines in their market share.

4. Transaction Fee Rate Indicators

1. Spot Transaction Fee Rate

As competition in the spot trading market intensifies, major exchanges attract users by optimizing fees, adjusting user thresholds and implementing differentiated strategies, and the market shows a clear stratification trend.

At the level of ordinary users, the fee strategies of major exchanges remain consistent, all adopting a 0.1% Maker and Taker fee rate.

At the VIP user level, the competition is even more intense. OKX offers a very competitive fee structure for the highest-level VIP users: the maker fee is negative -0.01% and the taker fee is 0.02%. This is better than the 0.011% maker and 0.023% taker fees offered by Binance for top users. Bybits fee structure in this area is relatively conservative, with a taker fee of 0.015% and a maker fee of 0.005%. Although the overall fee rate is higher than the other two exchanges, it still has a certain market competitiveness.

In terms of the trading volume threshold required to achieve these preferential rates, OKX has the highest requirement, requiring a trading volume of more than $5 billion within 30 days. Binance requires more than $4 billion, while Bybit has the lowest threshold, requiring only $1 billion. This differentiated setting of thresholds reflects the different strategies and market positioning of various exchanges in the battle for high-end users.

(II) Contract Transaction Fee Rate

With the rapid development of the derivatives market, contract trading has become the core battlefield for competition among major exchanges. Each platform competes among different user levels through refined fee structures and differentiated threshold strategies.

At the user level, market-leading exchanges show remarkable consistency in basic fees. Binance and OKX adopt a unified fee structure (maker fee 0.0200%, taker fee 0.0500%), reflecting the price consensus of mature markets. Bybit slightly adjusted the taker fee to 0.0550% while maintaining the same maker fee (0.0200%), reflecting its strategy in terms of revenue structure.

At the VIP user level, the competition is more intense and the differentiation is obvious. OKX stands out with the most aggressive fee strategy, providing negative maker fees (-0.0050%) and highly competitive taker fees (0.0150%) for top VIP users. Binance adopts a relatively conservative strategy, providing VIP users with a combination of maker 0.0000% and taker 0.0170%, reflecting its solid position as a market leader. Bybits fee strategy (maker 0.0000%, taker 0.0180%) is close to Binance.

From the perspective of entry thresholds, the three exchanges show a clear gradient. Binance maintains the highest standard, requiring a 30-day trading volume of US$25 billion, highlighting its market leadership; OKX follows closely behind, setting a threshold of US$20 billion, echoing its aggressive fee strategy; Bybit adopts a relatively friendly threshold of US$5 billion, showing its strategic intention to expand its market share.

This differentiated setting of thresholds not only reflects the market position of each platform, but also reflects their different concepts in user screening and risk control. These rate designs reflect the strategies adopted by each platform in attracting different user groups. As market competition intensifies, the rate differences between platforms will become an important factor affecting user choices.

(III) Contract Funding Rate

As the core mechanism of perpetual contracts, the funding rate maintains the balance between the contract price and the spot price by regularly exchanging fees between long and short parties. A positive funding rate means that longs pay shorts, and vice versa. This indicator not only reflects market sentiment, but is also an important reference for measuring market leverage preferences. (Note: This article is based on 8-hour rate data, and the annualized calculation method is: 8-hour rate × 3 × 365. For example, an 8-hour rate of 0.01% is approximately equal to an annualized rate of 10.95%.)

The overall crypto market remains optimistic in 2024, as evidenced by the funding rate data. CoinArea has maintained a positive funding rate for 322 days in 2024, followed by Bybit with 320 days, and OKX with 291 days (based on the BTC-USDT Coinglass contract data at 0:00 daily). This continued positive funding rate indicates that the market bullish sentiment dominated for most of 2024.

In 2024, the funding rates of major exchanges will continue to fluctuate with changes in market conditions.

Q1: ETF-driven carnival

At the beginning of 2024, market sentiment was high. In early January, the 8-hour funding rate of the three major exchanges reached about 0.07%, an annualized rate of about 76.65%, reflecting extremely optimistic market expectations. This is highly consistent with the major event of the approval of the Bitcoin spot ETF. Among them, OKX hit a single-day high of about 0.078% in early March, an annualized rate of about 85.41%.

Second quarter to third quarter: rational return period

From April to August, the market entered a cooling-off period. Funding rates fluctuated at a low level, mostly maintained below 0.01% (below 10.95% annualized), and even negative values appeared in some periods. This shows that market speculation has cooled down and tended to be rational.

The fourth quarter: policy expectations drive the period

November saw another peak, with the funding rates of the three major exchanges generally rising to the range of 0.04% -0.07% (annualized 43.8% -76.65%), and the market once again showed strong bullish sentiment. This may be related to the year-end policy expectations and the entry of institutional funds.

The leading exchanges have further expanded their advantages in the market competition through differentiated fee strategies. They have not only effectively improved the efficiency of using user funds, but also provided more targeted service options. This trend not only reflects the immediate changes in the supply and demand relationship in the market, but also reflects to a certain extent the trading platforms continuous exploration and refined operation capabilities in liquidity management, risk control and user experience optimization.

Binance: As the worlds largest cryptocurrency exchange, Binances funding rate trend has shown remarkable stability. The fluctuation range of the rate is relatively narrow throughout the year, the frequency of extreme values is the lowest, and the annualized rate is usually maintained in a reasonable range of 5%-15%. This feature confirms its status as a market vane.

OKX: In comparison, OKX shows stronger market sensitivity. Its funding rate fluctuates the most, ranging from -20% to 85% annualized. This feature makes it an important reference for predicting changes in market sentiment, especially for high-frequency traders who seize short-term market opportunities, or can be regarded as a keen market barometer.

Bybit: Bybit’s funding rate changes are usually between Binance and OKX, with an annualized fluctuation range of -10% to 60%. This “balanced market positioning” feature enables it to maintain its market competitiveness while also providing users with a relatively stable trading environment.

5. Coinglass 交換 Rating

As an authoritative data analysis platform for the cryptocurrency market, Coinglass has established a comprehensive exchange rating system, which comprehensively evaluates major cryptocurrency exchanges around the world from multiple dimensions such as transaction scale, platform reputation, security and transparency. This rating system not only provides investors with an objective reference for platform selection, but also promotes the entire industry to develop in a more standardized and transparent direction.

Specifically, the scoring system is mainly based on the following aspects:

Transaction size performance

In terms of spot and contract trading volume, the market shows a clear stratification effect. According to Coinglass statistics, Binance leads the market with an average daily trading volume of 40 billion US dollars for mainstream contracts, and an astonishing average daily trading volume of 6 billion US dollars for mainstream spot. OKX, which follows closely behind, also performed well, with an average daily mainstream contract trading volume of 19 billion US dollars, showing strong market vitality. These data fully reflect the dominant position of the top exchanges in the market. This scale advantage not only reflects the trading depth of the platform, but also reflects the trust of users in the platform.

Platform reputation assessment

In 2024, after going through multiple tests in the early market, the industry reputation and social influence of the top exchanges have been further consolidated. The total number of users covered by major platforms on social media has exceeded 10 million, and community activity and platform trading volume show a significant positive correlation. Head exchanges such as Binance and OKX have established a professional and reliable brand image among user groups through continuous product innovation and service upgrades. The platforms daily interaction and information transparency on mainstream social media such as X have also become an important way to enhance user trust.

Security and transparency performance

In the post-FTX era, security and transparency have become the primary considerations for users to choose trading platforms. The leading exchanges generally adopt advanced security measures such as multi-signature and cold wallet storage, and no major security incidents occurred throughout the year, demonstrating the effectiveness of the risk control system. It is particularly noteworthy that OKX has set a new standard for industry transparency through the regularly released Proof of Reserve (PoR) system. Its 99.5% clean asset ratio not only demonstrates a high-quality asset structure, but also highlights the platforms professional ability in risk management.

Under Coinglasss rating system, Binance and OKX stand out in the market with their respective advantages. Binance continues to maintain its global leading position with its strong market size and complete ecosystem. The platform has the largest user base, with an average daily mainstream contract trading volume of $40 billion and a mainstream spot trading volume of $6 billion, which fully demonstrates its market dominance. At the same time, its user fee structure is also very competitive in the market.

OKX followed closely behind and ranked second in the world with a comprehensive score of 78 points. This achievement is due to the balanced development of the platform in multiple fields. In terms of trading ecology, OKX provides a high-quality trading environment for users of different levels through a flexible fee structure (VIP users can enjoy a maker fee of -0.0050%) and a complete derivatives tool chain. In terms of risk control and transparency, the leading asset reserve proof mechanism and efficient risk management system have laid a solid foundation for the sustainable development of the platform. At the same time, the professional trading interface design and comprehensive product matrix also ensure excellent user experience.

Coinglasss scoring system reveals the current development trend of the cryptocurrency trading market: transaction volume is no longer the only criterion for measuring platform strength, asset transparency and security are increasingly becoming core indicators of user concern, and product innovation capabilities and user experience have become new focuses of platform competition. The distinctive development strategies of Binance and OKX have brought healthy competition to the market. Binance focuses on expanding the market scale and improving the ecosystem, while OKX seeks breakthroughs in innovative products and user experience. This differentiated competition pattern ultimately benefits the entire industry and promotes the entire industry to develop in a more standardized, transparent and professional direction.

VI. 結論

The cryptocurrency market in 2024 will be characterized by structural transformation and qualitative change. Driven by the entry of institutional funds and the gradual improvement of the regulatory framework, the market has not only achieved breakthroughs in quantitative indicators, but also undergone profound changes in market structure, trading mechanisms and risk management.

In terms of market structure, the competition among the top exchanges has shifted from simple scale expansion to a multi-dimensional comprehensive strength contest. Binance continues to lead the market with its strong ecosystem and $2.15 trillion in mainstream spot trading volume throughout the year, while OKX has established a unique advantage among professional traders through product innovation and precise market positioning, with $4.602 billion in net capital inflows and a 99.5% clean asset ratio. This differentiated competitive landscape has promoted the overall improvement of the industry in terms of product depth, technological innovation, and risk management.

The rapid development of the derivatives market has become one of the most significant structural changes in 2024. The daily average trading volume has exceeded 150 billion US dollars, reflecting the fundamental change in institutional investors demand for crypto asset allocation. The prosperity of the options market is particularly noteworthy. The total open interest of Bitcoin options reached 41.127 billion US dollars, and Ethereum reached 10.072 billion US dollars, indicating that market risk management tools are becoming more and more perfect, and institutional-level trading infrastructure is gradually maturing.

From the perspective of industry development trends, asset transparency and platform security have become the core elements of market competition. The popularization of the Proof of Reserve (PoR) mechanism and the establishment of an innovative risk control system indicate that the industry is moving from wild growth to standardized operations. Mainstream exchanges have established new industry standards in compliance, transparency and risk management through technology upgrades and process optimization.

Looking ahead to 2025, the cryptocurrency market is ushering in a new round of innovation cycle. First, the continued approval of ETFs will deepen the integration of crypto assets and traditional financial markets, bringing more institutional-level liquidity to the market. Second, DEXs technological breakthroughs may reshape the market microstructure and promote the evolution of trading models in a more efficient and transparent direction. In addition, the acceleration of the asset tokenization wave will expand the boundaries of the crypto market and bring new business growth points to exchanges.

This article is sourced from the internet: 2024 Derivatives Exchange Report: Reshaping the Track Pattern and Analysis of Key Differences

Related: Witness history: Bitcoin breaks $100,000 for the first time, where is the next stop?

Original | Odaily Planet Daily ( @OdailyChina ) Author | Asher ( @Asher_0210 ) At around 10:30 on December 5, according to OKX market data , the BTC price once surged to more than $100,000, with a 24 -hour increase of nearly 5%, which also means that Bitcoin lived up to expectations and broke through the $100,000 mark for the first time. At the same time, Ethereum broke through 3,800 USDT, with a 24 -hour increase of 5.35%; SOL broke through 230 USDT, and the 24 -hour decline narrowed to 2%. The total market value of cryptocurrencies has risen sharply. According to CoinGecko data, the total market value of cryptocurrencies has risen to 3.778 trillion US dollars. In terms of derivatives trading, Coinglass data shows that in the past 24…