TechFlow News, April 3: According to CoinGlass data, the Q1 2026 cryptocurrency market report shows that the total spot and derivatives trading volume across the market amounted to approximately $20.57 trillion, of which derivatives trading volume totaled approximately $18.63 trillion and spot trading volume approximately $1.94 trillion—making the derivatives-to-spot trading volume ratio roughly 9.6x.
The top five derivatives exchanges by trading volume were Binance, OKX, Bybit, Gate, and Bitget; the top five spot exchanges were Binance, Gate, Bybit, Coinbase, and OKX—indicating a relatively fragmented competitive landscape. Decentralized derivatives platform Hyperliquid recorded approximately $492.7 billion in quarterly derivatives trading volume and an average daily open interest (OI) of approximately $6 billion, placing it among the top ten market participants.
