Report shows crypto derivatives volume surged 32% to a record $602 billion in May. Total spot volumes rose 5% to $1.27 trillion in May.
The figures show increasing investor interest in trading derivatives – contracts signed by at least two people to buy or sell a digital asset at an agreed price in the future. For the review month, derivatives market share rose to 32% compared to 27% in April.
Huobi accounted for the largest trade volume of $176 billion, up 29% month-on-month followed by Okex and Binance with $152 billion and $139 billion trades’ worth, respectively.
Hong Kong-based Bitmex traded $94.8 billion, up 37% since April while trades at Deribit soared 22% to $13.4 billion. Institutional options volumes on CME reached a monthly record of 5,996 contracts, up sixteen-fold from April. The regulated exchange also broke a new daily record on May 28, with trades of 1,418 Bitcoin options contracts. Deribit’s options volume spiked 109% in May to $3.06 billion.
Cryptocompare said the bulk of spot trading happened on exchanges it considers low-tier and unregulated, accounting for $49.88 billion of the volume while top-tier exchanges traded $14.86 billion.