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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