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Total crypto market trading volume fell 27.5% from the previous quarter to $1.2 trillion in the third quarter, extending a decline to a third straight quarter, according to a TokenInsight exchange report.
Spot trading volume dropped 55% and derivatives volume fell 17%. By contrast, average open interest in the derivatives market rose 11% from the previous quarter. Across the nine exchanges included in the report, cumulative trading volume in equity and commodity perpetual contracts reached $210 billion, including $161 billion in equity contracts. Binance accounted for 58.60% of equity contract volume, followed by OKX at 15.79% and Bitget at 7.60%. TradFi products made up 26.25% of total derivatives volume on Binance, 22.06% on Bitget, 17.38% on MEXC and 15.76% on OKX.