Crypto trading volume on futures exchanges jumps by almost 50% in March, see leading CEXs

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As interest in digital assets returns after the crypto winter, trading volume metrics are increasing for all types of exchanges. Here’s who is the biggest beneficiary of the early stages of the accelerating rally.

Crypto futures trading volume exceeded $3 trillion per month, Deribit and Bitfinex recorded triple-digit peaks

March 2023 resulted in a 46.8% increase in trading volume for the cryptocurrency futures segment. Top exchanges Bitfinex and Deribit experienced 122.7% and 111.8% increases in trading volume in the past month. These statistics were provided by Colin Wu, an experienced crypto journalist.

Gate.io recorded the third largest gain, gaining around 66%. In total, all traders on futures exchanges handled $3.27 trillion in March 2023.

Other top-tier exchanges recorded 20-60% gains, while Crypto.com is the only platform with negative dynamics.

The statistics from the spot segment, on the other hand, are not so sparkling. The spot modules of major CEXs handled $960 billion of trading volume, witnessing a 9.6% month-on-month increase.

Gate.io is a top winner in the spot segment, while Bybit and Bitfinex also posted notable gains. Korean exchange Upbit saw its trading volume reduced in the spot segment.

Net visitor numbers at CEXes are also rising

In addition to trading volume, centralized exchanges also witnessed a double-digit increase in user traffic. In February 2023, 216 million users visited the largest CEXs, while 244.7 million visited in March; the month-on-month increase exceeded 13%.

MEXC, Gate.io and OKX are the top winners, with 81%, 64% and 34% increases. At the same time, Huobi, BitMart and Bitfinex lost some of their visitors in March.

As calculated by Coinglass (ex. Bybt), last month was the second most profitable March in the last 10 years. It is surpassed only by March 2021, when Bitcoin (BTC) was targeting its first peak in the previous bullish rally.