Cryptos: 12,944
Exchanges: 221
Dominance: BTC: 38.46% ETH: 16.47%
ETH Gas: 13 Gwei
  • Low: 11 Gwei
  • Average: 13 Gwei
  • High: 14 Gwei
  • Data from Etherscan.
24H Spot Vol.: $74,397,741,998.30
24H Derivatives Vol.: $97,058,785,680.59
Global Open Interest: $42,684,016,982.44
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2020 Crypto Futures Exchanges Research Report

TI Research
2020 Crypto Futures Exchanges Research Report TI Annual Report

In 2020, the scale of the crypto futures market grows rapidly, and the annual market trading volume reaches $12,314B. At the same time, the market-wide open interest rises from $3.51B to $17.03B at the end of the year, an increase of 384.9%. Based on the annual data from 43 crypto exchanges, Tokeninsight finds that the leading crypto exchanges are paying more and more attention to futures and achieved coverage of mainstream crypto futures (such as coin-margined futures and USDT-margined futures) this year. On the other hand, the perpetual contracts' proportion in the crypto futures market increases from 39% in 2020Q1 to 84% in 2020Q4, which is significant. In addition, in 2020Q3, affected by the rise of DeFi, the market share of BTC futures has dropped significantly. In 2020 Q4, when the market is bulling, BTC futures' trading volume accounts for only about 63% of the total trading volume.

Table of Contents
  1. Executive Summary

Executive Summary

  • In 2020, TokenInsight obtains data from 43 exchanges in the crypto derivatives industry. The trading volume of the crypto futures market reaches $12.31 trillion, an increase of 402% from 2019.
  • On December 31, 2020, the market-wide open interest amounts to $17.03 billion, an increase of 485% from January 1, 2020 ($3.51 billion).
  • The trading volume of crypto derivatives continues to rise, and the market share of main integrated exchanges has undergone major changes. Binance Futures' Q4 trading volume of futures surpasses Huobi Futures, meanwhile, its market share increased by 11%.
  • The ratio of futures/spot trading volume on main integrated exchanges reaches 2.7, which reflects the leverage advantage of futures relative to spots in the crypto market.
  • New exchanges such as FTX and Bybit increase rapidly. Bybit's futures trading volume exceeds BitMEX in Q4, while BitZ ranks sixth in annual trading volume.
  • The proportion of perpetual contracts' trading volume increases from 39% in Q1 to 84% in Q4 in 2020. Due to the base effect, the main integrated exchanges like Huobi Futures and OKEx still take futures as their main business.
  • TokenInsight classifies crypto derivatives exchanges into 4 types, including main integrated exchanges, main futures exchanges, compliance futures exchanges, and emerging futures exchanges. Among them, emerging exchanges are new forces with rapid growth and innovative features, including Bitcoinwin and Bingbon.
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