CoinGecko’s 2026 Crypto Perpetuals Report shows Binance and OKX still dominating perpetual futures, even as decentralized perp exchanges rapidly gain ground in open interest.
CoinGecko’s new 2026 Crypto Perpetuals Report finds that in the first four months of 2026, Binance accounted for 33% of the global perpetual futures market, with OKX holding 15%, underscoring how centralized giants still anchor derivatives liquidity. Over the same period, BingX’s market share in perps grew by more than 66%, rising from 3% to 5% and pushing the exchange to seventh place worldwide by market share.
2/ Top 11 Perp CEX monthly average trading volume dropped 34% to $4.7T in 2026 📉
• @BingXOfficial saw market share climb from 3% to 5%, now ranked #7 in 2026.
• @Binance and @OKX hold 33% and 15% market share respectively in the first four months of 2026. pic.twitter.com/XCbjBcFPNQ— CoinGecko (@coingecko) May 21, 2026
The report highlights that while centralized exchanges (CEXs) remain the dominant venue for perpetuals, perp-focused decentralized exchanges (Perp DEXs) have sharply expanded their share of open interest. CoinGecko says Perp DEXs’ share of open interest (OI) has climbed from 3.6% at the beginning of 2025 to 13.5%—nearly a fourfold increase—reflecting the rise of platforms like Hyperliquid and others as serious venues for derivatives risk.
CEX leaders hold ground as BingX climbs
Binance’s 33% share and OKX’s 15% slice of the perp market reinforce their position as the two largest centralized derivatives venues by volume and open interest, even as competition from Bybit, Bitget and MEXC remains intense. A one-third share for Binance implies that for every $3 in perpetuals volume or OI, roughly $1 still flows through Binance’s futures venues, giving it outsized influence on funding, liquidations and price discovery across the market.
BingX’s move from 3% to 5% market share might sound modest, but in relative terms it represents growth of more than 66%, enough to lift it to seventh globally in CoinGecko’s rankings. That ascent mirrors a broader diversification trend, where traders distribute risk across more venues instead of concentrating everything on a handful of incumbents, especially after years of exchange blow-ups and regulatory pressure.
CoinGecko’s broader derivatives analysis, including its CEX and DEX trading activity and perpetuals-focused research, has emphasized that perps now anchor crypto price discovery, with 2025 perpetuals volume reaching around $92.9 trillion and Perp DEX volume growing 346% year-on-year.
Perp DEX open interest goes from fringe to meaningful
The real structural shift sits on the DEX side. CoinGecko notes that Perp DEXs’ share of open interest climbed from just 3.6% at the beginning of 2025 to 13.5% by early 2026, highlighting how on-chain derivatives have gone from niche to systemically relevant. That growth has been powered heavily by Hyperliquid and a handful of other venues, which have managed to attract both retail and institutional flows by combining deep liquidity with on-chain settlement and composable infrastructure.
Perp DEX open interest grew not only in absolute terms but also as a share of total OI, even as centralized venues continued to expand their own books. CoinGecko’s data show total crypto OI more than tripling from $38.86 billion at the start of 2024 to $124.43 billion by the end of January 2026, with CEX OI climbing from $37.67 billion to $109.46 billion and top Perp DEX OI jumping 12-fold from $1.19 billion to $14.99 billion over the period.
That dynamic dovetails with other trends tracked by CoinGecko and covered by crypto.news, including the growing role of Perp DEXs in price discovery and the way on-chain derivatives infrastructure is reshaping how risk is distributed in crypto markets. It also intersects with recent developments like Bitwise’s Hyperliquid ETF, which channels traditional capital into on-chain perp ecosystems.
CoinGecko’s conclusion is implicit but clear: while centralized exchanges like Binance and OKX still dominate perpetuals, the center of gravity is slowly shifting. As Perp DEXs expand their share of open interest from low single digits toward mid-teens, the derivatives landscape is evolving into a hybrid model where centralized giants and on-chain protocols coexist—and compete—for control over crypto’s most important markets.
