How Did Crypto Exchanges Perform in Q1 2026? Key Insights From CryptoQuant

In the first quarter of 2026, the crypto market experienced a clear cooling in user participation following a cycle peak in the months prior. This decline in market participation was evident in crypto exchange trading activity.

Data gathered by CryptoQuant on exchange activity in Q1 shows that traders and investors concentrated on major exchanges amid a decline in overall trading activity. Large liquid venues attracted the most capital during periods of strong price momentum. Within the same period, perpetual futures dominated market structure, reflecting an overwhelming concentration of trading activity in derivatives.

Market Sees Contraction in Trading Activity

The decline in trading activity was evident in centralized exchange trading volume, which fell roughly 48% from the October 2025 high to $4.3 trillion in March 2026. This is the lowest the figure has fallen to since October 2024.

On the other hand, perpetual markets, being the primary driver of liquidity and exchange revenue expansion during the quarter, rose to $3.5 trillion in March. Perpetual trading volume was 4 times spot volume ($0.8 trillion) in the last month. On a cumulative level, perpetual volume has reached $4.5 trillion this year.

Binance led the perpetual futures market with 40% market share and $1.4 trillion in monthly volume. OKX and Bybit followed far behind, with shares of 19% and 13%, respectively.

While derivatives activity spiked as crypto assets witnessed a relief rally in the third week of March, most of the open interest growth took place on Binance. The crypto exchange saw the highest 24-hour increase in open interest for both Bitcoin and Ethereum by mid-March, with growth of $829 million and $1.6 billion, respectively. Other trading venues like Gate and Bybit followed suit, contributing to Bitcoin and Ethereum perpetual futures open interest climbing to $23 billion and $16 billion, respectively.

Binance Dominates Spot and Derivatives Activity

Furthermore, Binance cemented its position as the dominant spot trading venue. The platform led spot volumes with $248 billion in March, accounting for 32% market share. Although the market share declined from 37% in October 2025, the exchange still commands a share three times larger than other platforms like MEXC (9%) and Bybit (7%).

Meanwhile, the market witnessed increased competition, but without significant consolidation in leadership. This means that secondary exchanges like MEXC, Gate, Bybit, and Crypto.com recorded spot volume growth; however, none have approached Binance’s scale.