Crypto perpetuals neared $59 trillion in 2024, but Binance’s share dropped 20% in December.
Crypto perpetuals had a record-breaking year in 2024, with trading volumes soaring past expectations as the top 10 centralized exchanges hit $58.5 trillion, more than double the $28 trillion recorded in 2023, according to data from CoinGecko.
Yet, despite the overall market growth, cryptocurrency exchange Binance lost ground, with its market share dropping from 43% in January to 34% in December. The top 10 centralized perpetual exchanges recorded $21.2 trillion in trading volume in 2024 Q4, an increase of +79.6% from Q3’s figure of $11.8 trillion, the report reads.
Binance remained the largest player in the sector, but competitors gained traction. Coinbase International entered the top 10 for the first time in December after its trading volume increased by more than fourfold, the data shows.
On decentralized perpetual exchanges, trading volume also surged to $1.5 trillion in 2024, marking nearly a 140% jump from the previous year. Crypto exchange Hyperliquid caputred over 50% of DEXs’ market share in Q4, reaching more than 65% in December 2024.
“Hyperliquid was one of the major highlights in Q4, owing to its successful HYPE airdrop. It managed to capture more than 55% of market share in Q4, reaching a high of 66% in December.”
CoinGecko
Meanwhile, dYdX saw its dominance shrink from 73% in early 2023 to just 7% by the end of 2024. Bitcoin remained the leading asset in perpetual trading, though it’s share dropped by 20% throughout 2024 from 43% in January to 34% in December.
