Binance recorded the highest gains in spot trading volume while Huobi Global topped the derivative crypto markets in August, with high gains recorded across all major exchanges.
Data compiled by BitMEX from the CryptoCompare metrics site shows that Binance’s spot trading volume totaled $124.9 billion, representing an 83% increase in August.
Huobi came in second, rising 176% at $65 billion as the highest gainer of the month, and followed closely by OKEx’s 47% increase of $64.7 billion. Overall, the total spot volume increased by 49.6% to almost $1 trillion ($944.9).
Trading volume for Top-Tier exchanges increased by 58.3% to $529 billion, while Lower-Tier volumes increased by 30.2 % to $291 billion. This also represents a Top-Tier dominance over the total volume which increased to 64% in August from 60% in July.
CryptoCompare uses its Exchange Benchmark Methodology to rank over 165 exchanges globally as either Top-Tier (lower risk) or Lower-Tier (higher risk). The purpose of the ranking is to bring transparency and accountability to the crypto market by providing a reliable risk assessment framework.
Huobi Dominates Derivatives Volumes
August’s derivatives volumes went up 53.6% to $711.7 billion, a significant increase despite derivatives only representing 40% of the total crypto market share.
Huobi derivatives volume increased by 44.7%, the highest gainer at $208.5 billion. A 69.1% in OKEx’s derivatives volume brought its total to $208.5 billion while Binance came in third with a 74% increase to $184.6 billion. BitMex also recorded a 43.6% rise to $72.5 billion.
At 36.3% increase, monthly CME futures contracts trading volumes totaled over 203,867 contracts. CME options contracts volumes also increased by 8.4% to 85,05 contracts compared to 2,704 traded in July.
The report also added that by factoring in unregulated derivatives issuers, the total CME’s crypto derivatives increased by a whopping 55.7% to $12.02 billion.
All Trading Volumes Recorded In August Were Higher Than July’s
BTC’s price remained above $11k in August, boosting trading activity across all exchanges and increasing trading volumes, with Huobi, OKEx, Binance, and BitMex representing 90% dominance.
“BTC trading into USDT increased 16% in August to 6.25mn BTC vs. 5.41mn BTC in July.”
According to the data, users leaned more towards Top Tier exchanges, like Binance, causing Lower Tier exchanges to lose their market share.
“Top-Tier exchange volume selected based on our rigorous exchange Benchmark Methodology has increased 58.3% overall in August from July.”
Deribit exchange was the only exception in August. Its options volumes dropped by 0.6% in August to $4.05, following an eventful trading month.