In 2024, crypto perpetuals approached $59 trillion, though Binance experienced a 20% decrease in market share in December.
The year 2024 proved to be a record-setting period for crypto perpetuals, with trading volumes exceeding forecasts. The top 10 centralized exchanges collectively achieved $58.5 trillion, more than double the $28 trillion logged in 2023, according to available data.
Despite the overall expansion of the market, Binance saw a decline in its market share, dropping from 43% in January to 34% by December. The total trading volume for the top 10 centralized perpetual exchanges rose to $21.2 trillion in Q4 of 2024, marking a substantial 79.6% increase from Q3’s $11.8 trillion.
While Binance continued to be the leading player in the market, its competitors were gaining momentum. Coinbase International made its debut in the top 10 in December after witnessing a more than fourfold increase in trading volume.
In the realm of decentralized perpetual exchanges, trading volume also saw significant growth, reaching $1.5 trillion in 2024—a nearly 140% rise from the previous year. Hyperliquid became a dominant force, capturing over 50% of the DEX market share in Q4, peaking at over 65% in December 2024.
“Hyperliquid emerged as a standout in Q4, largely thanks to its successful HYPE airdrop. It secured more than 55% of the market share in Q4, reaching a high of 66% in December.”
On the other hand, dYdX saw its market position decline from 73% at the beginning of 2023 to just 7% by the end of 2024. Bitcoin maintained its status as the leading asset in perpetual trading, although its share slipped by 20% throughout the year, from 43% in January to 34% in December.