Q1 2026 Crypto Exchange Report: Market Volume Plummets, Derivatives Dominate

TokenInsight has released its Q1 2026 crypto exchange report, and there are some pretty interesting stats in there. ◎ Total crypto market trading volume in Q1 2026 was $17.9 trillion, down by one-third compared to Q4 2025, marking the lowest level in recent quarters. PS: No wonder the market has felt so quiet these past few months. ◎ Derivatives accounted for 82% of the total market trading volume, meaning that out of every $100 traded, at least $82 came from derivatives. PS: The market is basically being propped up by contracts. ◎ The stock perpetual contracts business, which gained traction this quarter, saw the top three players take 75% of the market share, forming the first tier of the market: - Binance, as the leading CEX, holds 35%. - Bitget, leveraging its early mover advantage, holds 22%. - Hyperliquid, as the top Perp DEX, holds 17%. PS: The stock perpetual contracts business is still growing rapidly, but the dominance of the big players is already becoming clear.