According to CoinGlass's Q1 2026 Crypto Market Report, the total trading volume of spot and derivatives reached $20.57 trillion. Derivatives accounted for $18.63 trillion, while spot trading reached $1.94 trillion, resulting in a derivatives-to-spot trading ratio of 9.6:1. The top 5 derivatives trading platforms were Binance, OKX, Bybit, Gate, and Bitget; the top 5 spot platforms were Binance, Gate, Bybit, Coinbase, and OKX, indicating a relatively fragmented competitive landscape. Decentralized derivatives platform Hyperliquid achieved a quarterly trading volume of $492.7 billion and an average daily open interest (OI) of approximately $6 billion, ranking among the top ten in the global derivatives market. Data shows that derivatives trading currently dominates the crypto market, with a fragmented competitive landscape, and decentralized platforms are rapidly gaining market share from centralized exchanges.