After a long period of low volatility and low trading cycles, the derivatives trading volume in the crypto market finally saw a significant rebound in July 2025. According to the latest data from CryptoRank, the average daily trading volume of derivatives on major global centralized exchanges increased by over 30% month-on-month, with several platforms experiencing a notable resurgence in contract product trading. Meanwhile, some non-leading platforms even exceeded the market average growth rate, indicating a subtle shift in the competitive landscape within the industry.

The derivatives market has always been regarded as a "barometer" of crypto trading. When spot trading is constrained by unclear price trends, the contract market can reflect capital expectations and risk preferences through leverage tools, hedging mechanisms, and quantitative strategies. Since the tightening of regulations and the cooling of speculative demand in 2022, CEX derivatives trading had once declined, but entering mid-2025, especially since June, the long-short battle has clearly intensified. Macroeconomic data, stablecoin liquidity, and the heated discussion around Bitcoin ETFs have collectively driven this round of "moderate volume increase" in market recovery. In this recovery phase, some platforms previously seen as "stable mid-tier" are gradually capturing market share, becoming new variables in the market.

Against the backdrop of an overall recovery in the global market, according to CryptoRank statistics, a major trading platform recorded $74 million in derivatives trading volume in July 2025, a month-on-month increase of 46.5%, making it one of the centralized platforms with the largest growth that month. Its derivatives market share also rose to 11%, setting a new high for the year.

This set of data reflects a synchronous change in capital activity and user behavior preferences. On one hand, as Bitcoin stabilizes above $110,000, market risk appetite quickly rebounds, and leverage and hedging strategies regain favor with capital; on the other hand, the continuous optimization of contract products in terms of liquidity depth, matching efficiency, and trading stability has prompted some users to start exploring new options beyond established platforms.

Especially in the context of some leading platforms facing regional regulatory restrictions (such as Binance and Bybit reducing leverage services in certain countries), platforms that possess compliance readiness, product experience, and risk control system advantages are becoming the main recipients of liquidity overflow. These platforms have been promoting global compliance expansion since 2023, and although their contract products started conservatively, they have continuously upgraded in system performance, matching efficiency, and strategy compatibility, gradually winning the favor of high-frequency users and strategy teams.

For a long time, the crypto derivatives market was almost dominated by Binance. According to data from The Block, by the end of 2023, Binance accounted for over 60% of global contract trading volume, with Bybit and OKX ranking second and third. However, entering 2024, this pattern began to loosen. Regulatory factors became variables, forcing several platforms to reduce their service scope or adjust product strategies. Meanwhile, a number of non-"super leading" platforms began to encroach on the fringe market by leveraging more robust risk control, clearer KYC systems, and more flexible product designs.

This is not a war of "who swallows whom," but a long-term test of the "comprehensive stability" of exchanges. Especially after a high volatility phase, capital tends to flow into platforms that can provide fast trade execution, extremely low system load, and clear capital safety guarantees.

From the data in July 2025, Gate's nearly 50% month-on-month growth can be attributed to both the overall industry recovery and its systematic iterations in API latency, order book depth, and matching architecture over the past six months. Additionally, traders are gradually beginning to pay attention to "non-price" factors, such as funding rate fluctuations, position fairness, and whether liquidation algorithms are optimized—these are becoming breaking points outside of established platforms.

In the short term, the July data may just be the first step in the market's recovery, and whether it leads to a "structural rebound in trading behavior" still needs to be observed. However, structurally, the derivatives market has evolved from a past trend driven by leading platforms to a more decentralized and diverse dynamic pattern.

At this stage, the true moat of exchanges will return to two core aspects:

First, the ultimate stability of user trading experience and strategy compatibility—not just a user-friendly interface, but more importantly, enabling high-frequency traders, copy trading tools, and bot strategies to operate efficiently; the system-level infrastructure must keep pace.

Second, the transparency of compliance and security—in the context of tightening regulations in European and American markets, any operation with ambiguous boundaries will be quickly "cleared." Only platforms with a long-term compliance roadmap can truly stabilize the long-tail capital of institutions and strategy teams.

For Gate, the volume increase in July may be a signal: as users begin to reassess the multidimensional value of "trading platforms," some previously overlooked exchanges are becoming important variables in the next round of market structure. The next step for them is not to compete on subsidies or exposure, but to see if they can steadily support the growth curve in the gap between "trading + compliance."

Related: Where is the Alpha channel for retail investors? Analyzing the current design tendencies and behavioral driving effects of the Alpha points system.

Original article: “Crypto Derivatives Market Shake-Up: Trading Volume Surges 46%! Who is Quietly Stealing Your 'Giant' Market Share?”

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