Crypto Trading Volume on Futures Exchanges Jumps by Almost 50% in March, See Leading CEXes

As interest in digital assets is returning after the Crypto Winter, trading volume metrics for all types of exchanges are rocketing. Here’s who is the top beneficiary of the first phases of the accelerating rally.

Crypto futures trading volume exceeded $3 trillion per month, Deribit and Bitfinex registered triple-digit spikes

March 2023 resulted in a 46.8% trading volume upsurge for cryptocurrency futures segment. Top exchanges Bitfinex and Deribit witnessed 122.7% and 111.8% increases in trading volume in the last month. These statistics were provided by Colin Wu, a seasoned crypto journalist.

CEX Data Report in Mar: Both Spot and Derivatives Volumes Rose Sharply. Derivatives volume rose 46.8% MOM in March. The top three increases were Bitfinex +123%, Deribit +112% and Gate +66%. Read more https://t.co/1jqKtI4YCk pic.twitter.com/VcX5D0xP0z

— Wu Blockchain (@WuBlockchain) April 12, 2023

Gate.io registered the third largest upsurge, gaining about 66%. In total, all traders on futures exchanges processed $3.27 trillion in March 2023.

Other top-tier exchanges recorded 20-60% gains, while Crypto.com is the only platform with negative dynamics.

By contrast, the statistics from the spot segment are not so sparkling. The spot modules of major CEXes processed $960 billion of the trading volume, witnessing a 9.6% increase month-over-month.

Gate.io is a top gainer in spot segment, while Bybit and Bitfinex also printed notable gains. Korean exchange Upbit saw its trading volume reduced in the spot segment.

Net visitor count on CEXes also surges

Besides trading volume, centralized exchanges also witnessed a double-digit increase in user traffic. In February 2023, 216 million users visited the largest CEXes, while 244.7 million visited in March; the month-over-month increase eclipsed 13%.

MEXC, Gate.io and OKX are top gainers, with 81%, 64% and 34% increases. At the same time, Huobi, BitMart and Bitfinex lost some of their visitors in March.

As calculated by Coinglass (ex. Bybt), last month became the second most profitable March in the last 10 years. It is only surpassed by March 2021, when Bitcoin (BTC) was targeting its first peak of the previous bullish rally.