Crypto exchange activity slowed in the first quarter of 2026 after the market cooled from its earlier peak. 

CryptoQuant data showed lower participation across centralized venues, while Binance kept the lead in both spot and derivatives trading.

Centralized exchange trading volume dropped about 48% from the October 2025 peak. The figure fell to $4.3 trillion in March 2026, its lowest level since October 2024.

The pullback showed lower participation from traders and investors after the earlier market run. Activity narrowed toward the biggest exchanges, as users favored liquid venues during periods of price movement.

Perpetual futures take control of market activity

Perpetual futures remained the main source of trading activity during the quarter. Perpetual volume rose to $3.5 trillion in March, while spot volume stood at $0.8 trillion.

That gap showed how strongly derivatives shaped market structure in Q1. Perpetual volume reached four times spot volume in March, and cumulative perpetual trading hit $4.5 trillion this year.

The rise in derivatives activity also picked up during the relief rally in the third week of March. Binance recorded the largest 24-hour open interest increase for both Bitcoin and Ethereum by mid-March.

Bitcoin open interest on Binance rose by $829 million in 24 hours, while Ethereum open interest increased by $1.6 billion. Across exchanges, Bitcoin and Ethereum perpetual futures open interest climbed to $23 billion and $16 billion.

Binance keeps lead in derivatives trading

Binance led the perpetual futures market with a 40% share and $1.4 trillion in monthly volume. OKX followed with 19%, while Bybit held 13%.

The data showed that most open interest growth flowed to Binance during the March rebound. Other exchanges, including Gate and Bybit, also posted gains, but none matched Binance’s scale.

Binance remained the largest spot trading venue in March. The exchange recorded $248 billion in spot volume and controlled 32% of the market.

That share was down from 37% in October 2025, but Binance still held a lead well ahead of rivals. MEXC and Bybit followed with 9% and 7%, while Gate and Crypto.com posted growth without changing the broader market order.