A recent report revealed a significant rise in transaction volumes at centralized cryptocurrency exchanges (CEX) such as Binance since the conclusion of last year. According to the Bybit Corporate Report 2024, many CEXs experienced a tripling of their monthly transaction volumes from October 2023 to March 2024.

The Bybit report from April 18 demonstrated that OKX saw a 30-day volume increase of up to 278% since October, closely followed by Binance with a 239% surge. Bybit exchange also emerged as one of the fastest-growing platforms, showing a 264% increase in volume. A spokesperson from Bybit noted that all three exchanges surpassed the industry's average growth rate of 255%. However, the US-based exchange Coinbase displayed a slightly lower growth rate of 193% in volumes.

According to Bybit, the substantial growth in CEX volumes can be attributed to price rises following the approval of spot Bitcoin and Ethereum exchange-traded funds in the US. An analysis by Bybit compared trading data from October 2023 with March 2024 to highlight the increase in volume and observe market share changes among CEXs.

Insights into the Futures Market

While Binance outpaced OKX in terms of growth rate, OKX remains the largest cryptocurrency exchange by market share according to Bybit's data, representing at least 58% of the total spot transaction volume. Bybit holds the second-largest market share as of March 2023, accounting for 9.6% of the market. OKX, a competitor, represents approximately 9% of the total crypto trade volume.

Data from Bybit revealed a 320% increase in the volume of Uniswap v3, indicating that the growth trend of CEXs did not surpass that of decentralized exchanges (DEX). Futures-focused CEXs also saw a slight increase in their 30-day transaction volumes, with Binance, the largest player in futures, recording a 66% increase during the period. The report emphasized that the futures market for CEXs is predominantly dominated by Binance, OKX, and Bybit.