According to CoinGecko, the crypto perpetuals market reached a record high trading volume in 2024, surpassing the previous high in 2021. Although there has been some volatility in the decentralized exchange market, most of its components remain stable.
The trading volume of perpetuals on centralized exchanges reached $58 trillion, and on decentralized exchanges it reached $1.5 trillion. This smaller market has proven to be much more chaotic.
CoinGecko Analyzes Crypto Perpetual Futures Trading
According to the latest CoinGecko report, the total trading volume of crypto perpetual futures contracts on the top ten largest centralized exchanges reached $58.5 trillion, surpassing 2021 to set a new record.
The corresponding figure from smaller decentralized exchanges is much smaller but still significant, at $1.5 trillion.
Perpetuals Volume on Centralized Exchanges. Source: CoinGeckoInterestingly, Binance, the world's largest crypto exchange, is gradually losing its leading position in the perpetuals market. The report states that Binance remained the most popular perpetuals exchange throughout the year.
However, its market share has decreased from 43% in January to 34% in December.
Despite this decline, Binance still demonstrates the ability to impact the broader crypto market with its perpetual contracts, and has continued to provide new products in 2025.
While this exchange has lost a large part of its dominance, no competitor has captured a significant market share of Binance. At least Coinbase has quadrupled in size.
Decentralized crypto exchanges in the perpetuals market have seen much more dramatic changes. Hyperliquid has grown strongly throughout the year, moving from below 20% market share to over 65%. CoinGecko mainly attributes this growth to the large HYPE airdrop by the exchange.
Perpetuals Volume on Decentralized Exchanges. Source: CoinGeckoDespite these impressive achievements, Hyperliquid has undergone significant adjustments in the current cycle. HYPE has declined 24% this week, bringing it to its lowest level in three months.
Decentralized exchanges are very chaotic in this market, as dYdX has fallen from the narrow lead to third place within a few months.
Overall, the crypto perpetuals market has grown in 2024, but most companies and products related to this trading are operating quite stably. Bitcoin Futures contracts continue to hold the majority of open interest and often dominate actual trading volume.
