- According to Coinglass analysis, Binance and Hyperliquid became the leaders in derivatives trading volume for the first quarter of 2026.
- As analysts noted, trading activity remained high in the first quarter, but liquidity focused on first-tier trading platforms.
On according to CoinGlass, in the first quarter of 2026 Binance retained its leading position in cryptocurrency derivatives trading, and the decentralized exchange Hyperliquid entered the top ten largest platforms by trading volume.
Trading activity remained strong in the first quarter, analysts said, although liquidity and capital became even more “concentrated at the top of the market.”
The first quarter wasn’t a time of euphoria. It was a period of recovery, concentration, and a shift in market structure, CoinGlass stated.
In the first quarter of 2026, the volume of derivatives on Binance amounted to approximately $4,9 trillion, or approximately 35% of the total trading volume on the 10 largest exchanges. In 2025, the exchange accounted for approximately 29% of the total derivatives trading volume of $85,7 trillion.
Binance It also dominated spot markets, accounting for approximately 34% of total trading volume across 10 venues. In the first quarter, this figure amounted to approximately $640 billion.
Hyperliquid, a DEX exchange, also reached a significant milestone, entering the top 10 derivatives exchanges by trading volume approximately three years after its launch. The platform’s quarterly trading volume reached approximately $492,7 billion, placing it among the largest derivatives trading platforms, alongside Binance, OK, bybit, Gate, BitGet, BingX, LBank, whitebit and Coinbase.
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