According to the latest report from Coinglass, the total crypto market trading volume in Q1 2026 was approximately $20.57 trillion. This comprised about $1.94 trillion in spot trading and approximately $18.63 trillion in derivatives trading, resulting in a derivatives-to-spot trading volume ratio of roughly 9.6 times. Market activity remains predominantly concentrated in the derivatives sector.
The report indicates that Binance maintains its lead across several core metrics. Its Q1 derivatives trading volume was approximately $4.90 trillion, accounting for about 34.9% of the top ten exchanges. Its average open interest stood at around $23.9 billion, representing about 29.9% of the total. User asset holdings amounted to roughly $152.9 billion, constituting about 73.5% of the major exchanges' total. Overall, the market has formed a structure with Binance at the forefront, OKX as the core of the second tier, and other platforms distributed across subsequent tiers.