Data published by crypto analytics firm Kaiko last week demonstrated some surprises when it came to the rankings of centralized crypto exchanges, as determined by their respective global market shares. Arguably the most recognizable exchange names are Binance and Coinbase, but right now it’s Bybit that is catching attention, as the numbers showed it leapfrogging Coinbase to take the number two spot behind market leader Binance, while also significantly outperforming Binance in terms of market share changes.
In detail, Bybit–which is headquartered in Singapore and was founded in 2018–has, from October last year to this June, seen its market share double from 8% to 16%, while Binance’s share has dropped over the same time period from 60% to 54%. Coinbase registered a modest 1% gain, rising overall from 7% to 8% (meaning, as respective market shares fluctuated, that Binance climbed above Coinbase in March), and OKX experienced a 2% gain from 5% to 7%. Simultaneously, Upbit dropped from 9% to 4%, and over fifteen smaller exchanges endured a collective drop from 13% to 10% of market share.
Market Share of Volume, charts from Kaiko
Market Share of Volume, charts from Kaiko
The standout shifts, then, are Bybit’s large gain coupled with Binance’s loss, raising questions about the driving forces behind these recent trends. Bybit COO Helen Liu responded to Finance Magnates’ questions on this topic by identifying Bybit’s innovative trading facilities as a key factor, explaining,
“Bybit’s growth was fueled by its industry-leading Unified Trading Account (UTA) and robust spot listing policy. UTA, central to Bybit’s platform, streamlines asset transfers within exchanges, calculates margins across positions and balances, and optimizes capital efficiency and risk management. This system supports seamless trading across Spot and Derivatives markets, ensuring transparency and security.”
And Liu added,
“Bybit has streamlined its spot-listing process to swiftly capitalize on crypto market trends, offering competitive trading opportunities ahead of rivals.”
It appears also that Bybit is focused on offering new products, with notable incoming developments including, according to Liu, a “Futures Combo bot” that “allows users to build a portfolio of long/short positions that automatically rebalances as the market moves”, and there is also the Bybit card, which “recently integrated with Google Pay and Apple Pay, meaning that our clients can use…
