Binance has significantly extended its market leadership as derivatives trading on centralized exchanges (CEXs) reached its highest share of total volume since September 2023, accounting for 76.5% of all activity. Recent data reveals Binance held a commanding 35.4% share of the CEX derivatives volume, with its total reaching $1.41 trillion—more than the next two exchanges combined. The exchange also led in open interest with a 23.1% share, more than double its nearest competitor.
In spot markets, Binance maintained a strong lead with a 21.3% share and $270 billion in volume, surpassing the combined volume of the next four largest exchanges. The data indicates a market shift back toward centralized venues, as traders seek deeper liquidity and stable execution, particularly during periods of high activity. Binance also led in Bitcoin order book depth with approximately $30 million, compared to Coinbase's $16-$20 million.
Simultaneously, Binance CEO Richard Teng announced a dramatic 300% increase in weekend trading volume for the exchange's traditional asset-linked perpetual futures contracts between January and March 2025. In a post on X, Teng highlighted that volume reached $8.1 billion over the weekend of February 28 to March 1, 2025. This surge is attributed to Binance providing 24-hour access to markets for assets like stock indices, commodities, and forex, effectively competing with traditional brokerage services.
The growth in traditional asset derivatives reflects a broader trend of cryptocurrency exchanges expanding beyond native digital assets. Notably, gold entered the top five CEX derivatives markets for the first time, with a reported volume of $55.6 billion. Binance has expanded its lineup of TradFi-linked perpetual contracts, including products tied to oil, gas, and metals, strengthening its position across both crypto and macro-linked trading.
Experts link the weekend volume explosion to the institutionalization of crypto markets, mobile trading app proliferation, and increased regulatory clarity. This trend pressures traditional financial institutions, with several legacy banks announcing pilot programs for extended-hour trading services in response.
