Although Binance has had some issues with payment providers and regulators in some countries, the centralized exchange is still the largest platform in terms of trading volume. In the past 24 hours, Binance has processed around $ 10.7 billion in trades and is the exchange with the highest trading volume of any derivative platform in the world.

Binance leaves the competition far

Binance is the largest cryptocurrency exchange in the world in terms of trading volume in both the spot and derivatives markets. Binance has made regular headlines lately regarding the settlement of regulatory complaints from government agencies and financial institutions like Barclays, Santander.

Despite all the negative events, the stock exchange is still ahead of countless trading platforms around the world. With a total of 320 cryptocurrencies and 1,150 trading pairs, Binance holds the highest trading volume in 24 hours.

Top 24-hour spot markets worldwide by volume | Source: Coinecko

The volume of 10.7 billion US dollars does not include the USA, since Binance also operates its own trading platform there. At the time of writing, Binance US amassed a global trading volume of $ 270 million across 53 cryptocurrencies and 110 trading pairs.

In terms of daily trading volume, Huobi Global ranks second. However, Huobi Global’s $ 2.46 billion is 75% less than Binance’s spot market volume. The exchanges with spot volume according to Huobi Global are Okex ($ 2.37 billion), HitBTC ($ 2.16 billion), Upbit ($ 2.15 billion).

Derivatives and reserves

Binance is still the leader in derivatives volumes. With a whopping $ 42.83 billion in 24-hour futures trading volume and $ 6.45 billion in open interest, no other exchange can match Binance. After Binance in terms of derivatives volume, Okex follows with a 24-hour trading volume of $ 9.95 billion and open interest of $ 2.5 billion. It is followed by Huobi ($ 9.5 billion), Bybit ($ 7.3 billion), Cointiger ($ 6.1 billion) and FTX ($ 5.6 billion).

Top derivatives markets in global 24-hour trading volume | Source: Coinecko

Binance’s cash derivatives exchange offers 43 futures products and 138 perpetuals compared to Okex’s 139 perpetuals and 1,408 futures products. This exchange doesn’t stop offering cryptocurrency and derivative spot services, but also intervenes in DEX. While Binance is the largest centralized spot and derivatives platform, the company’s DEX ranks 32nd among the leading decentralized trading platforms today.

Binance DEX hits $ 5.2 million | Source: Coinecko

The Binance DEX achieved a global trading volume of $ 5.2 million for 105 coins and 158 trading pairs and recorded 12,869,668 hits, with the top trading pair currently being BNB / BUSD. In terms of volume market share, however, Binance only made up 0.1% of total DEX trading volume in the past 24 hours.

Binance holds the second largest reserve right after the Coinbase exchange | Source: Bituniversum

Although Binance has had a lot of problems in the past few weeks, the company is still the exchange with the largest spot and derivatives volume. Another thing people might not know about Binance is that it ranks second in terms of reserves.

Only Coinbase beats Binance with $ 34.75 billion in BTC and ETH reserves. For BTC, ETH and BUSD, however, data from Bituniverse shows that Binance held a massive $ 14.66 billion in crypto reserves on July 19, 2021.

Minh Anh

According to News Bitcoin

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