The equity perpetuals market is beginning to show a clear first tier, according to TokenInsight’s 2026 Q1 Crypto Exchange Report. Binance ranked first with $149 million in daily trading volume, accounting for 35.23% of the market and reinforcing its dominant position in derivatives trading.
Bitget followed in second place with $95.74 million in daily volume and a 22.61% market share. Its strong position is closely linked to its early entry into the segment. Hyperliquid also stood out. As the only decentralized exchange in the ranking, it recorded $73.49 million in daily volume, capturing 17.36% of the market and securing a top-three position. Its performance highlights the growing role of DEXs in equity-linked derivatives.
Together, Binance, Bitget, and Hyperliquid accounted for roughly 75% of total market share, forming the leading tier of the equity perpetuals landscape.
Bybit and HTX were not included in the calculation. Bybit’s stock-related trading volume is mainly composed of stock CFDs rather than perpetual futures, while HTX only began offering TradFi-related assets in late March.
Binance
