Binance Dominates Bitcoin Futures with 87% Taker Volume: CQ

Fresh data from the on-chain analytics platform CryptoQuant shows Binance now commands 87% of global taker buy volume in Bitcoin (BTC) futures.

This figure dwarfs the combined activity of major competitors like OKX, Deribit, BitMEX, and Bybit, which together account for only about 10%.

Taker Volume Signals Market Supremacy

Takers are traders who accept existing offers or bids on a platform’s order book rather than placing their own. Since they want their request filled immediately, they tend to “take” a value that’s already listed so that they can react swiftly to a cryptocurrency’s price movements. This is done through the so-called market orders.

This metric is crucial: it indicates where positions fill fastest and where capital flows are most concentrated. Experts usually consider the taker volume important for gauging real-time market activity, and according to CryptoQuant, Binance is the overwhelming leader, capturing 87% of such deals.

That it holds the lion’s share of this activity indicates that Binance is the go-to platform for traders looking to act quickly on price trends, especially those using leverage-heavy BTC futures contracts. As noted by analyst J.A. Maartun, the exchange’s dominance means traders’ orders will be filled rapidly, while market watchers like him get to “monitor order books, liquidity levels, and capital flows more effectively.”

Binance’s grip on the space is not new, but it solidified following the 2022 collapse of FTX, which at one point was one of its main rivals. The gap it left behind saw the then Changpeng Zhao-led firm steadily grow its daily trading volume to cement its place as the largest crypto exchange in the world based on this metric.

Beyond Futures

However, its dominance isn’t just in the futures space. As recently reported by CryptoPotato, the BTC.com mining pool exclusively directs almost 98% of its identifiable Bitcoin exchange flows to Binance, making it the primary gateway for new BTC entering the market.

The crypto exchange also dominates USDT liquidity on Tron, with on-chain data showing it routinely processes more than 65% of the stablecoin’s transfers on the network. This amounts to anywhere between $2 billion and $3 billion worth of TRC-20 Tether processed each day.

Nonetheless, this extreme centralization is a double-edged sword. While it offers unmatched liquidity and efficiency, it also concentrates systemic risk. Any significant operational, regulatory, or technical issue impacting Binance could send shockwaves across the entire crypto ecosystem, disrupting derivatives pricing, spot liquidity, and even stablecoin flows.