Crypto Perpetuals approached $59 trillion in 2024, but Binance’s share fell 20% in December.
According to Coingecko data, trading volumes have raised past expectations as 2024 was a record year in 2024, with the top 10 centralized exchanges reaching $58.5 trillion, more than double the $28 trillion recorded in 2023.
1/ CEX perpetuals volume doubled to $58.5T in 2024 🚀
• The top 10 centralized perp exchanges recorded $21.2T in Q4, up +79.6% from Q3.
• @Binance remained the largest player but saw its market share drop from 43% in January to 34% in December.
• @coinbase entered the top… pic.twitter.com/YctrQ2KOmw— CoinGecko (@coingecko) March 14, 2025
However, despite overall market growth, Cryptocurrency exchange Binance lost ground, with market share falling from 43% in January to 34% in December. The top 10 centralized permanent exchanges recorded trading volumes of $21.2 trillion in the fourth quarter of 2024.
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Binance remained the biggest player in the sector, but its competitors gained traction. Coinbase International first entered the top 10 in December after more than four times its trading volume.
In the decentralized, permanent exchange, trading volumes also surged to $1.5 trillion in 2024, jumping almost 140% from the previous year. It curtailed more than 50% of DEXS’ market share in the fourth quarter, reaching over 65% in December 2024.
“High lipids were one of the major highlights of the fourth quarter due to successful airdrops of hype. They captured more than 55% of their market share in the fourth quarter, reaching a 66% high in December.”
Co Ringecko
Meanwhile, Dydx saw its advantage shrink from 73% in early 2023 to just 7% by the end of 2024. Bitcoin remained a major asset in permanent transactions, but fell 20% in 2024 from 43% in January to 34% in December.
read more: Bybit: Bitcoin holds its position, and Altcoin saw a rough start until 2025
