Binance Led Crypto Derivatives Market in First Quarter of 2026 as Hyperliquid Cracked Top 10

Crypto derivatives are a major market for leveraged trading and hedging, while trading volume and market share reflect a platform’s liquidity and competitiveness. CoinGlass tracks the performance of major exchanges. Binance has long held the lead, while the rise of onchain platform Hyperliquid also signals that capital is gradually moving toward decentralized trading services.

CoinGlass said in its first-quarter 2026 market-share report that Binance recorded $4.9 trillion in crypto derivatives trading volume during the quarter, accounting for about 35% of the top 10 platforms’ combined volume. It also led across several market indicators. Hyperliquid entered the top 10 derivatives trading platforms for the first time, marking an important step in the expansion of decentralized exchanges’ market influence.