Coinglass Releases Q1 Crypto Market Share Report as Total Trading Volume Surpasses $20 Trillion

Coinglass: Q1 Crypto Volume Hit $20.6T, Binance Dominates Derivatives

Crypto markets stayed relatively active in Q1 2026, even as volumes cooled from January peaks. Total trading volume—spot plus derivatives—came in at roughly $20.57 trillion. Spot accounted for $1.94 trillion, while derivatives made up the lion's share at $18.63 trillion. Activity remains heavily skewed toward derivatives, with spot shrinking more sharply.

January saw the highest monthly volume: $704.7 billion in spot and $6.73 trillion in derivatives. February eased slightly, and March contracted to the quarter's low. The pullback reflects broader caution in the global macro environment. Risk appetite hasn't fully recovered since the big deleveraging in Q4 2025.

Binance kept its lead across key metrics. Derivatives volume hit about $4.9 trillion—34.9% of the top ten exchanges. Average daily open interest stood at around $23.9 billion, a 29.9% share. User asset reserves totaled roughly $152.9 billion, or 73.5% of major centralized exchanges. Hyperliquid posted about $492.7 billion in derivatives volume for Q1, ranking in the top ten, with average open interest around $6 billion.