The year 2024 marked a breakthrough for crypto perpetual markets, with trading volumes on exchanges exceeding expectations, intensifying competition and shifting leadership positions.
Record Exchange Volumes in 2024
Data from CoinGecko reveals that the top 10 centralized exchanges collectively reached $58.5 trillion in trading volume in 2024, more than doubling the $28 trillion recorded in 2023. In the fourth quarter, volumes hit $21.2 trillion, a 79.6% rise from the third quarter.
Increased Competition Among Centralized Platforms
Despite the overall market growth, Binance struggled to maintain its dominance, with its market share slipping from 43% to 34% by December. Newcomers like Coinbase International broke into the top 10, increasing their trading volume more than fourfold.
State of Decentralized Markets
Decentralized exchanges also experienced significant growth, with trading volumes soaring to $1.5 trillion—a nearly 140% jump from 2023. Hyperliquid emerged as a market leader, capturing over 65% of the market share by the end of the year, driven by the successful HYPE token airdrop, while dYdX saw its dominance fall from 73% to 7%.
The year 2024 witnessed substantial changes in crypto perpetual markets. Trading volumes doubled, competition intensified, affecting the positions of industry leaders.
