According to a recent survey, since late last year, trade volumes on international centralized cryptocurrency exchanges (CEX), such as Binance, have increased dramatically. Data from the Bybit Institutional Report 2024 indicates that between October 2023 and March 2024, the monthly trading volumes of numerous CEXs increased by at least three times.

Rapid Growth Rates

According to a Bybit analysis published on April 18, OKX 30-day volumes have increased by up to 278% since October of last year, with Binance following suit with a 239% gain. With a 264% increase in volumes, Bybit Exchange distinguished itself as one of the platforms with the quickest growth rates.

The industry average growth rate of 255% has not been met by any of the three exchanges, a Bybit official told. Coinbase, an American exchange, saw a 193% surge in volume, only marginally outpacing the average growth rate.

A Bybit spokesperson stated, “For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis.” The spokesman continued, “Bybit analysts compared October 2023 trading data to March 2024 to show volume growth and see changes in market share between CEXs.”

 Trading Volume

According to Bybit’s data, Binance is still the leading cryptocurrency exchange in terms of market share, accounting for at least 58% of all spot trading volume, even if OKX outperformed Binance in terms of growth pace throughout the studied time.

According to the research, Bybit holds the second-largest market share among exchanges, with 9.6% of the market as of March 2023. Roughly nine percent of all cryptocurrency trades were conducted on the rival OKX exchange.

Decentralized exchanges (DEX) are growing at a faster rate than CEXs, according to Bybit data, even though Uniswap v3, a significant DEX, grew volumes by 320%.

The 30-day trading volumes of derivatives CEXs have also somewhat increased; Binance, the largest derivatives operator, has added about 66% during this time. The research states that Binance, OKX, and Bybit “almost entirely dominate the derivatives market for CEXs.”

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