In Q1 2026, crypto market trading volume totaled $20.57 trillion, with derivatives trading volume at 9.6 times that of spot.

Gate News message. On April 3, according to CoinGlass data, in the first quarter of 2026, the total trading volume of the cryptocurrency market was approximately $20.57 trillion. Of this, derivatives trading volume was approximately $18.63 trillion, and spot trading volume was approximately $1.94 trillion. The derivatives-to-spot trading volume ratio was about 9.6x. The top five exchanges by derivatives trading volume were some CEX, some CEX, some CEX, Gate, and some CEX; the top five exchanges by spot trading volume were some CEX, Gate, some CEX, some CEX, and some CEX, with a relatively fragmented competitive landscape. The decentralized derivatives platform Hyperliquid recorded approximately $492.7 billion in quarterly derivatives trading volume, with average daily open interest (OI) of about $6 billion, and has already secured a place in the market’s top ten.
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