In 2024, the cryptocurrency market will usher in recovery and structural changes, with the total market value exceeding US$3.8 trillion, a year-on-year increase of 110%. Among them, the price of BTC exceeded the $100,000 mark this year, setting a record high. This is not only an important node in the development of the encryption market, but also a year in which the derivatives market rises in an all-round way.

Behind these "milestone" data are the overlay of multiple positive factors in the industry. Today in January, the SEC approved the listing of 11 Bitcoin spot ETFs, including products from asset management giants such as BlackRock and Fidelity Investments. In July of the same year, the approval of the Ethereum spot ETF further enriched investors' choices and injected more liquidity into the market. At the same time, Tesla CEO Elon Musk’s public support at the “Bitcoin 2024 Conference” injected confidence into the market. He called Bitcoin "the gold of the digital age" and reiterated his long-term belief in DeFi. This statement further consolidates the status of crypto assets as a mainstream investment category.

Driven by favorable macroeconomic conditions, the derivatives market has become another important growth engine for the crypto industry in 2024. According to Coinglass statistics, the global crypto derivatives market transaction volume has increased significantly in 2024, and the amount of open contracts has reached a record high, showing investors' high interest in leveraged products and market price fluctuations. Major exchanges have demonstrated their unique competitiveness in the derivatives and spot markets, among which:

Binance leads the market with an average daily mainstream contract trading volume of US$40 billion. With its strong liquidity and extensive The user base consolidates the industry leadership position.

OKX ranks second with an average daily mainstream contract trading volume of US$19 billion, and has laid a solid foundation for the sustainable development of the platform through its leading asset reserve certification mechanism.

Bybit ranks second in the global exchange spot market with an average daily mainstream spot trading volume of US$2.3 billion, and will have over US$8 billion in capital inflows in 2024.

Crypto.com finds breakthroughs in specific areas and wins market share through innovative features and user experience.

Deribit dominates the options track, occupying 82.2% of the Bitcoin options market share, establishing its leadership in the field of professional derivatives.

As the leading on-chain exchange, Hyperliqud uses decentralized perpetual contracts and margin trading to promote the development of the industry in a transparent and efficient direction.

These platforms not only drive growth in trading volume, but also provide valuable observational samples of the global crypto market. As the industry's leading contract data analysis platform, Coinglass will provide an in-depth analysis of how major exchanges gain an advantage in the global landscape from derivatives market, spot trading volume, asset transparency, transaction rates and other data, and explore the future of the crypto market in 2024. The core driving force provides investors and the industry with forward-looking insights and ideas.Test.

In 2024, the cryptocurrency derivatives market experienced historic growth and became an important part of the cryptocurrency market. The global crypto derivatives market has set new records, with average daily trading volume exceeding US$100 billion and monthly trading volume exceeding US$3 trillion, far exceeding the trading volume of the spot market. This significant growth reflects increased investor demand for leveraged products, especially during periods of greater market volatility. As the market matures and the regulatory framework improves, more and more institutional investors - such as hedge funds and asset management companies - have poured into the derivatives market, driving further market development. In addition, the participation of retail investors is also growing rapidly. Simple and easy-to-use trading platforms have lowered the barriers to entry, while the high-leverage characteristics of derivatives have attracted a large number of retail users seeking short-term gains.

As of the end of 2024, the total number of open BTC contracts in the global crypto derivatives market has exceeded $60 billion, demonstrating the continued market demand for risk management tools and leveraged products. The impact of derivatives trading on the market cannot be ignored. First of all, it significantly improves market liquidity. Traders use less funds to leverage a larger market size and reduce the impact of large transactions on spot prices, thereby making the market run more efficiently. Secondly, the derivatives market plays an important role in price discovery, especially during periods of market volatility, where the prices of futures and perpetual contracts often guide the price movements of the spot market. In addition, derivatives also provide institutional investors with hedging tools, reduce the volatility of asset portfolios, and attract more long-term capital inflows. Ultimately, the trading behavior in the derivatives market promotes the efficiency of market pricing, reduces the volatility of cryptocurrency assets, enhances the overall stability of the market, and lays the foundation for the maturity and healthy development of the cryptocurrency market.

In 2024, the cryptocurrency derivatives market trading volume will account for a significant share of the total trading volume, and the market distribution among major exchanges also shows obvious differences. According to Coinglass’ contract trading volume data, Binance continues to maintain the market lead. The total trading volume of the top ten contract currencies in 2024 will reach 14,685.5 billion US dollars, far exceeding other competitors, demonstrating its unrivaled strength in the field of crypto derivatives trading. advantages. OKX ranks second in the world with a trading volume of US$7,064.8 billion, also demonstrating its core position in the global derivatives market. OKX's users are mainly concentrated in the top five currencies such as BTC, ETH, SOL, DOGE and PEPE, further consolidating its market dominance in these high-demand currencies.

Although Bitget and Bybit rank third and fourth respectively, and their performance is very impressive, there is still a significant gap between their trading volume and Binance and OKX, showing that the competitive landscape of the global market is still More concentrated.

There are obvious differences in the competitive situation between different exchanges. Platforms such as OKX and Binance improve trading products andImproving user experience has consolidated its leading position in the global market, while Bitget and Bybit have demonstrated unique competitiveness in specific fields or currencies.

In 2024, the price of BTC exceeded the $100,000 mark, driving significant growth in the BTC options market. As the price of Bitcoin climbed, options trading activity increased significantly, with total open interest reaching $41.127 billion, further consolidating its core position in the global market.

As of December 19, 2024, the total open interest in the BTC options market was US$41.127 billion, and that of ETH was US$10.072 billion. The BTC market size is 4 times that of ETH, reflecting BTC’s status as a core asset for crypto market liquidity.

In the competitive landscape of the BTC options market, Deribit continues to dominate, accounting for 82.2% of the global market share. At the same time, OKX performed well with its flexible product strategy and strong liquidity, ranking third with a holding of $2.927 billion, accounting for 7.1% of the global market share. This performance highlights OKX’s rapid rise in the options market and its potential for continued growth.

In 2024, the Ethereum (ETH) options market continued to grow, with the total open interest reaching $10.072 billion. With the further development of the smart contract ecosystem and the promotion of staking activities, the ETH options market has shown a steady growth trend.

ETH price will break through a high of US$4,000 in 2024, driving the expansion of market demand. In the market structure, Deribit continues to dominate, while other platforms have gradually expanded their shares with their respective market strategies. Data shows that among the top-ranked platforms, some exchanges have a market share of more than 10%, showing the active layout of competitors in this field.

In 2024, the cryptocurrency spot trading market will show a trend of concentration, and the market share gap between major exchanges will further widen. In 2024, Binance ranked first with a mainstream spot trading volume of over 2.15 trillion US dollars, occupying an absolute dominant position in the market. Followed by Bybit and Crypto.com, with mainstream spot trading volumes of US$858 billion and US$810 billion respectively, forming the second echelon, indicating that they have certain competitive advantages in the mid-sized market.

Coinbase and OKX rank in the top five with trading volumes of US$635 billion and US$606 billion respectively, consolidating their solid positions in the market. In comparison, Kraken's trading volume is US$133 billion, Bitstamp's US$67 billion, and Bitfinex's US$58 billion. The market sizes of these exchanges are relatively small, and the user groups are more concentrated in specific regions or professional investor fields. Gemini’s trading volume was just $18 billion, ahead of the majorThe low ranking among exchanges reflects its market positioning of being more focused on serving institutional clients and long-term investors.

Transparency is gradually becoming the key for centralized exchanges to win the trust of users. The collapse of FTX in 2022 exposed the industry's deep-seated problems in asset transparency and risk management, directly leading to a crisis of market trust. It is difficult for users to verify the true financial status of exchanges, and internal governance flaws have exacerbated the risk of asset loss. As a result, the credibility of the industry has been severely damaged, and market uncertainty has increased significantly, posing severe challenges to the long-term development of the cryptocurrency industry.

After the FTX incident, the market’s demand for transparency increased rapidly, and CEX began to rebuild trust through asset disclosure and technology upgrades. Top exchanges including OKX are the first to launch asset reserve proof POR and use advanced encryption technologies such as zk-STARK to allow users to independently verify asset status and balance transparency and privacy protection. This trend not only reshapes the trust foundation of the industry, but also sets new development standards for CEX and lays an important foundation for the future of the encryption market.

In addition, the transparency of exchanges is inseparable from a clear and quantifiable indicator system. According to data from DefiLlama, "Assets" and "Clean Assets" have become the key to assessing the health of an exchange:

The first is Assets (Assets), including all assets held by the exchange, but not Input IOU assets that have been counted on other chains. For example, pegged BTC on Binance Smart Chain (BSC) is already recorded in the Bitcoin chain and therefore is not counted twice.

The second one is Clean Assets: it reflects the total lock-up volume (TVL) of the exchange, excluding its own assets issued by the exchange (such as platform coins), and measures the exchange more truly. asset quality and liquidity.

Through these two indicators, users can more clearly evaluate the robustness and transparency of the platform.

Binance ranks first in the industry with total assets of US$165.29 billion. Facing increasingly severe regulatory pressure, Binance’s transparency and asset quality issues have attracted widespread market attention.

In 2024, OKX’s capital inflows and transparency will become important data points for the crypto industry. According to DefiLlama data: OKX ranks among the top in the industry with a net inflow of US$4.602 billion, with total assets reaching US$28.86 billion, of which US$28.72 billion is clean assets, with a clean asset ratio as high as 99.5%. Net inflow data shows that OKX is at the leading level among similar exchanges, showing a significant increase in user trading activity and capital flows. The clean asset ratio shows that the vast majority of assets held by the platform are assets that have not been mortgaged or borrowed, reflecting higher financial security and liquidity.

Bybit’s net capital inflow reached US$8 billion, growing rapidly. Crypto.com and Bitfinex face $220 million and $2.3 billion respectively.The net outflow of U.S. dollars reflects a further decline in its market share.

(1) Spot transaction rate

With the intensification of competition in the spot trading market, Major exchanges attract users by optimizing rates, adjusting user thresholds, and implementing differentiated strategies, and the market shows an obvious stratification trend.

At the level of ordinary users, the rate strategies of major exchanges remain consistent, using 0.1% Maker and Taker rates.

At the VIP user level, competition is even more intense. OKX provides the highest level VIP users with a very competitive rate structure: the maker rate is negative -0.01% and the taker rate is 0.02%. This is better than Binance’s 0.011% maker and 0.023% taker rates for top users. Bybit’s fee structure in this area is relatively conservative, with its taker fee being 0.015% and maker fee being 0.005%. Although the overall fee is higher than the other two exchanges, it still has certain market competitiveness.

Judging from the transaction volume threshold required to reach these preferential rates, OKX has the highest requirements, requiring a transaction volume of more than $5 billion within 30 days. Binance’s requirement is more than $4 billion, while Bybit’s threshold is the lowest at just $1 billion. This differentiated setting of thresholds reflects the different strategies and market positioning of each exchange in the battle for high-end users.

(2) Contract transaction rates

With the rapid development of the derivatives market, contract transactions have become the core battlefield for competition among major exchanges. Each platform competes among different user levels through refined rate structures and differentiated threshold strategies.

At the level of ordinary users, the market-leading exchanges show significant consistency at the base rate level. Binance and OKX adopt a unified fee structure (maker fee 0.0200%, taker fee 0.0500%), which reflects the price consensus of mature markets. While maintaining the same maker rate (0.0200%), Bybit slightly adjusted the taker rate to 0.0550%, reflecting its strategy in terms of revenue structure.

At the VIP user level, competition is more intense and differentiation is obvious. OKX stands out with the most aggressive rate strategy, offering top VIP users a negative maker rate (-0.0050%) and a highly competitive taker rate (0.0150%). Binance adopts a relatively conservative strategy and provides VIP users with a fee combination of maker 0.0000% and taker 0.0170%, which reflects its stable stance as a market leader. Bybit’s fee strategy (maker 0.0000%, taker 0.0180%) is close to Binance.

From the perspective of entry thresholds, the three exchanges show obvious gradients. Binance maintains the highest standards, requiring a 30-day trading volume of US$25 billion, highlighting its market leader status; OKX follows suit, setting a threshold of US$20 billion, echoing its aggressive fee strategy; Bybit adopts a relatively The people-friendly US$5 billion threshold shows its strategic intention to expand market share.

This differentiated setting of thresholds not only reflects the market status of each platform, but also reflects their different concepts in user screening and risk control. These rate designs reflect the strategies adopted by each platform in attracting different user groups. As market competition intensifies, rate differences between platforms will become an important factor affecting user choice.

(3) Contract funding rate

As the core mechanism of the perpetual contract, the funding rate maintains the contract price through regular exchange of fees between long and short parties. balance with the spot price. A positive funding rate means longs pay shorts and vice versa. This indicator not only reflects market sentiment, but is also an important reference for measuring market leverage preference. (Note: The analysis in this article is based on 8-hour rate data. The annualized calculation method is: 8-hour rate × 3 × 365. For example, an 8-hour rate of 0.01% is approximately equal to an annualized rate of 10.95%.)

The overall crypto market will maintain optimism in 2024, which is evident from the funding rate data. Binance has maintained a positive funding rate for 322 days in the year, followed by Bybit with 320 days, and OKX with 291 days (based on BTC-USDT Coinglass contract data at 0:00 each day). This continued positive funding rate suggests that bullish sentiment dominates the market for much of 2024.

In 2024, the funding rates of major exchanges will continue to fluctuate with changes in market conditions.

First quarter: Carnival period driven by ETFs

At the beginning of 2024, market sentiment is high. In early January, the eight-hour funding rates of the three major exchanges reached around 0.07%, an annualized rate of approximately 76.65%, reflecting extremely optimistic market expectations. This is highly consistent with the major event of the approval of the Bitcoin spot ETF. Among them, OKX hit a single-day highest value of about 0.078% in early March, with an annualized rate of about 85.41%.

The second quarter to the third quarter: rational return period

From April to August, the market entered a cooling-off period. Funding rates oscillate at a low level, mostly staying below 0.01% (annualized below 10.95%), and even negative in some periods. This shows that market speculation has cooled down and is becoming more rational.

The fourth quarter: expected promotion period

November reached its peak again, and the funding rates of the three major exchanges generally rose to the range of 0.04%-0.07% (annualized 43.8% -76.65%), the market once again showed strong bullish sentiment. This may be related to year-end expectations and institutional fundingAdmission related.

The leading exchanges further gain advantages in market competition through differentiated fee strategies. It not only effectively improves the efficiency of the use of user funds, but also provides more targeted service options. This trend not only reflects the immediate changes in market supply and demand, but also reflects, to a certain extent, the trading platform’s continuous exploration and refined operational capabilities in terms of liquidity management, risk control and user experience optimization.

Binance: As the world’s largest cryptocurrency exchange, Binance’s funding rate trends have shown significant stability. The annual rate fluctuation range is relatively narrow, with the lowest frequency of extreme values, and the annualized rate is usually maintained in a rational range of 5%-15%. This feature confirms its status as a "market vane".

OKX: In contrast, OKX shows stronger market sensitivity. Its funding rate fluctuates the most, with the annualized range ranging from -20% to 85%. This characteristic makes it an important reference for predicting changes in market sentiment. It is especially suitable for high-frequency traders who seize short-term market opportunities. It may be regarded as a "keen market barometer."

Bybit: Bybit’s funding rate changes are usually between Binance and OKX, with annualized fluctuations ranging from -10% to 60%. This "balanced market positioning" feature allows it to maintain market competitiveness while also providing users with a relatively stable trading environment.

As an authoritative data analysis platform for the cryptocurrency market, Coinglass has established a comprehensive exchange rating system, which evaluates exchanges from multiple dimensions such as transaction size, platform reputation, and security transparency. Comprehensive evaluation of major global cryptocurrency exchanges. This scoring system not only provides investors with an objective reference for platform selection, but also promotes the development of the entire industry in a more standardized and transparent direction.

Specifically, the scoring system is mainly based on the progress at the following levels:

Transaction scale performance

In terms of spot and contract trading volume, the market shows obvious differences. layer effect. According to Coinglass statistics, Binance leads the market with an average daily trading volume of mainstream contracts of US$40 billion, and the average daily trading volume of mainstream spot has reached an astonishing US$6 billion. OKX, which followed, performed equally well, with an average daily mainstream contract trading volume of US$19 billion, demonstrating strong market vitality. These data fully reflect the dominant position of the top exchanges in the market. This scale advantage not only reflects the platform’s transaction depth, but also reflects users’ trust in the platform.

Platform credibility assessment

In 2024, after experiencing multiple tests in the early market, the industry reputation and social influence of leading exchanges will be further consolidated. The total number of users covered by major platforms on social media has exceeded 10 million, and there is a significant positive correlation between community activity and platform transaction volume. Top exchanges such as Binance and OKX have continued toProduct innovation and service upgrades have established a professional and reliable brand image among user groups. The platform’s daily interactions and information transparency on mainstream social media such as X have also become an important way to enhance user trust.

Security and transparency performance

In the post-FTX era, security and transparency have become the primary considerations for users when choosing a trading platform. Leading exchanges generally adopt advanced security measures such as multi-signature and cold wallet storage, and no major security incidents occurred throughout the year, demonstrating the effectiveness of the risk control system. Of particular note, OKX has set a new standard for industry transparency through its regularly released Proof of Reserve (PoR) system. Its clean asset ratio of 99.5% not only demonstrates a high-quality asset structure, but also highlights the platform’s professional capabilities in risk management.

Under Coinglass’s scoring system, Binance and OKX stand out in the market with their respective advantages. Binance continues to maintain its global leadership position relying on its strong market scale and complete ecosystem. The platform has the largest user base, with an average daily mainstream contract trading volume of US$40 billion and a mainstream spot trading volume of US$6 billion, which fully proves its market dominance. At the same time, its user rate structure is also highly competitive in the market.

OKX follows closely behind, ranking second in the world with a comprehensive score of 78 points. This result is due to the balanced development of the platform in multiple fields. In terms of trading ecology, OKX provides a high-quality trading environment for users at different levels through its flexible rate structure (VIP users can enjoy a maker rate of -0.0050%) and a complete derivatives tool chain. In terms of risk control and transparency, the leading asset reserve certification mechanism and efficient risk management system have laid a solid foundation for the sustainable development of the platform. At the same time, the professional trading interface design and comprehensive product matrix also ensure an excellent user experience.

Coinglass’s scoring system reveals the current development trend of the cryptocurrency trading market: transaction size is no longer the only criterion for measuring the strength of the platform, asset transparency and security have increasingly become core indicators of concern to users, and product innovation Capabilities and user experience have become the new focus of platform competition. The unique development strategies of the two major exchanges Binance and OKX have brought healthy competition to the market. Binance focuses on expanding the market scale and improving the ecosystem, while OKX seeks breakthroughs in innovative products and user experience. This differentiated competitive landscape ultimately benefits the entire industry and promotes the entire industry to develop in a more standardized, transparent and professional direction.

The cryptocurrency market in 2024 will show the characteristics of structural transformation and qualitative change. Driven by the dual promotion of the admission of institutional funds and the gradual improvement of the regulatory framework, the market has not only achieved breakthroughs in quantitative indicators, but has also undergone profound changes in market structure, trading mechanisms, and risk management and control.

In terms of market structure, competition among leading exchangesThe competition has shifted from simple scale expansion to a multi-dimensional comprehensive strength contest. Binance continues to lead the market with its strong ecosystem and annual mainstream spot trading volume of US$2.15 trillion, while OKX has achieved net capital inflows of US$4.602 billion and 99.5% clean assets through product innovation and precise market positioning. proportion, establishing a unique advantage among professional traders. This differentiated competitive landscape has promoted the overall improvement of the entire industry in terms of product depth, technological innovation and risk management.

The rapid development of the derivatives market will become one of the most significant structural changes in 2024. The fact that the average daily trading volume exceeded US$150 billion reflects the fundamental change in institutional investors' demand for crypto asset allocation. The prosperity of the options market is particularly worthy of attention. The total open interest of Bitcoin options reached 41.127 billion US dollars and Ethereum reached 10.072 billion US dollars, indicating that market risk management tools are becoming increasingly sophisticated and institutional-level trading infrastructure is gradually maturing.

Judging from industry development trends, asset transparency and platform security have become core elements of market competition. The popularization of the Proof of Reserve (PoR) mechanism and the establishment of an innovative risk control system mark that the industry is moving from barbaric growth to standardized operations. Mainstream exchanges have established new industry standards in terms of compliance, transparency and risk management through technology upgrades and process optimization.

Looking forward to 2025, the cryptocurrency market is ushering in a new innovation cycle. First, the continued approval of ETFs will deepen the integration of crypto assets with traditional financial markets and bring more institutional-level liquidity to the market. Secondly, technological breakthroughs in DEX may reshape the market microstructure and promote the evolution of trading models in a more efficient and transparent direction. In addition, the acceleration of the wave of asset tokenization will expand the boundaries of the crypto market and bring new business growth points to exchanges.