According to CoinGlass's Q1 2026 crypto market report, the total trading volume across spot and derivatives markets reached $20.57 trillion. Within this, derivatives trading volume amounted to $18.63 trillion, while spot trading volume was $1.94 trillion, resulting in a derivatives-to-spot trading ratio as high as 9.6:1. The top five platforms by derivatives trading volume were Binance, OKX, Bybit, Gate, and Bitget, in that order. For spot trading, the top five were Binance, Gate, Bybit, Coinbase, and OKX, indicating a relatively fragmented competitive landscape. The decentralized derivatives platform Hyperliquid performed notably well, with a quarterly trading volume of $492.7 billion and an average daily open interest (OI) of approximately $6 billion, securing a spot among the top ten global derivatives markets. The data shows that derivatives trading currently holds an absolute dominance in the crypto market, the competitive landscape is fragmented, and decentralized platforms are rapidly capturing market share from centralized exchanges.