Last updated on March 15th, 2025 at 09:47 am
Crypto perpetuals experienced a record-breaking surge in 2024, with trading volumes far exceeding expectations. Data from CoinGecko reveals that the top 10 centralized exchanges collectively reached $58.5 trillion in trading volume, more than doubling the $28 trillion recorded in 2023.
Despite the remarkable market growth, Binance struggled to maintain its dominance, with its market share slipping from 43% in January to 34% by December. In contrast, the top 10 centralized perpetual exchanges reported a significant increase in trading volume, reaching $21.2 trillion in Q4 2024—a 79.6% rise from the $11.8 trillion recorded in Q3.
While Binance remained the largest player in the perpetual trading sector, competition intensified as rivals gained momentum. Notably, Coinbase International broke into the top 10 for the first time in December, following a more than fourfold increase in trading volume, further highlighting the evolving competitive landscape.
Decentralized perpetual exchanges also experienced substantial growth in 2024, with trading volume soaring to $1.5 trillion—a nearly 140% jump from the previous year.
Hyperliquid emerged as a dominant force, capturing over 50% of the DEX market share in Q4 and surpassing 65% by December. According to CoinGecko, Hyperliquid’s rise was driven by the successful HYPE airdrop, which helped it secure more than 55% of the market share in Q4, peaking at 66% in December.
Meanwhile, dYdX saw its market dominance sharply decline from 73% in early 2023 to just 7% by the end of 2024.
Despite the shifting dynamics, Bitcoin maintained its position as the leading asset in perpetual trading, although its market share fell by 20% throughout the year, dropping from 43% in January to 34% in December.
The momentum extended to centralized crypto exchanges as well, which set a new record for the highest combined trading volumes in both spot and derivatives markets in December 2024. According to CCData’s latest market report, overall trading activity surged by 7.58%, reaching an unprecedented $11.3 trillion. Binance continued to dominate the spot trading scene with $946 billion in volume, reflecting a modest 0.13% growth. Bybit and Coinbase followed, with volumes of $247 billion (up 18.8%) and $191 billion (up 9.62%), respectively.
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