2020 Crypto Futures Exchanges Research Report

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.