Research: Binance had a 55.1% market share in spot crypto trading in the past 24 hours and 54.4% of derivatives trading, easily surpassing FTX and others
> BUSD, and we see the change in supplies. Thus begins the Second Great Stablecoin War. (The first one, fought in ~2018, ended with USDC and USDT edging out TUSD/GUSD/USDP.) https://twitter.com/... Larry Cermak / @lawmaster : Binance is definitely incentivizing the shit out of volume but crazy not to notice how much dominance they achieved. In the last 24hr more than all other exchanges combined for both spot and derivatives: Spot: 55.1% of total volume Derivatives: 54.4% of total volume https://twitter.com/... @xbt002 : Did you know that @binance absolutely dominates both spot and derivatives crypto trading? It's not even close. On the spot side, “there is no second best.” On the derivatives front, only @okx @Bybit_Official and @FTX_Official have any real market share. https://www.theblock.co/... https://twitter.com/... @cryptocompare : /1 In this week's Chart of the Week, we analyse the trading volume & market depth in selected top-tier exchanges based on our latest Exchange Benchmark. @binance remains the dominant exchange in terms of trading volume & market depth, followed by @ftx_app, @coinbase & @krakenfx https://twitter.com/... Frank Chaparro / @fintechfrank : Wild how FTX only commands 8% of derivatives market share yet has the highest valuation of any exchange (sans Binance)
Context & Ripple Effects
Binance's dominance is not new but it is peaking: The Block's 2021 full-year research already had the exchange facilitating 67% of a record $14T in centralized exchange volume, and Cryptocompare ranked it first in both volume and market depth ahead of FTX, Coinbase, and Kraken. What this snapshot adds is that the lead now extends across both books at once — 55.1% of spot and 54.4% of derivatives in a single day, more than every other exchange combined, while FTX holds only about 8% of derivatives.
The timing matters because Larry Cermak flags that Binance is aggressively incentivizing volume, meaning some of this share is bought rather than organic — and because the later record shows the peak was near: CCData tracked share sliding from 42.7% to 36.6% through September 2024, and CoinDesk put spot share at just 25% by December 2025.
First-order effects
- FTX, Coinbase, and Kraken are competing against a venue with more than twice their combined liquidity, so order flow keeps routing to Binance where execution and depth are best — the gap compounds daily.
- Binance's own incentives mean its reported share overstates organic demand; rivals can read the 55.1%/54.4% figures as a subsidized number they must outlast rather than a natural ceiling.
Second-order effects
- Rivals are pushed toward differentiated strategies instead of head-on liquidity competition — Coinbase's later push into international derivatives volume, which grew 124% week-over-week to $119B+ in late 2024, is the template for attacking Binance from the regulated side.
- Concentration at one exchange raises counterparty risk for every trader and token project dependent on its order books, making Binance's health a market-wide variable rather than a company-specific one.
Third-order effects
- If bought-volume dominance proves fragile, the structural lesson is that exchange share built on incentives and regulatory arbitrage erodes once scrutiny arrives — exactly the trajectory the FT flagged when asking whether Binance blew its chance to rule crypto after FTX's collapse.
- A market where one venue clears over half of all trading is structurally exposed to a single point of failure; the subsequent slide to 25% spot share by December 2025 suggests the endgame is a more fragmented, regulated exchange landscape rather than a permanent monopoly.
The trend: Crypto trading is consolidating around a single dominant liquidity hub whose incentive-fueled share peaks before regulation and rivals pull the market back toward fragmentation.