Cryptocurrency exchange trading volume totaled $12 trillion in the third quarter of this year. According to a report released by TokenInsight on the 2nd, total volume fell 27.5% from the previous quarter, marking a decline for the third consecutive quarter.
Spot trading volume fell 55% quarter over quarter to $2 trillion, while derivatives trading volume declined 17% to $10 trillion. Derivatives accounted for 83% of total trading volume.
Despite the decline in trading volume, average open interest (OI) in the derivatives market increased 11% from the previous quarter to approximately $90 billion. Open interest refers to the value of contracts that have not yet been closed or settled.
The total trading volume of stock and commodity perpetual contracts on the nine exchanges included in the report was $2.1 trillion. Of this, stock contracts accounted for approximately 77%, at $1.61 trillion. The market shares of stock contract trading volume were Binance at 58.60%, OKX at 15.79%, and Bitget at 7.60%, in that order.
Among the exchanges, Binance had the highest share of traditional finance (TradFi) products in its total derivatives trading volume, at 26.25%. It was followed by Bitget at 22.06%, MEXC at 17.38%, and OKX at 15.76%.