State of Crypto Perpetuals 2024

Crypto perpetuals, or perpetual futures contracts, are a type of futures contract in the cryptocurrency market that do not have an expiration date. Unlike traditional futures, which expire on a set date, perpetuals let traders hold positions indefinitely without needing to roll them over.  

They are widely used due to their flexibility, high liquidity, and leverage options. However, they also carry risks, such as liquidation if the market moves unfavorably against a leveraged position.

They’ve increased in popularity throughout the years, with perpetuals products being offered by most major crypto exchanges. Join us as we take a look at the State of Crypto Perpetuals in 2024, ranging from trading volume, open interest, liquidation data, and more.

We’ve summarized the key highlights, but be sure to dig into the full 14 slides below.

Top 3 Highlights of CoinGecko’s State of Crypto Perpetuals: 2024

1. Total Volume on the Top 10 Centralized Perpetual Exchanges Hit $58.5T, Double Its Volumes of $28T in 2023

2. Total Volume on the Top 10 Decentralized Perpetual Exchanges Hit $1.5t, With Hyperliquid Accounting for More Than Half the Recorded Volume in 2024 Q4

3. Bitcoin Consistently Accounted for ~45% of Open Interest on the Top 10 Centralized Perpetual Exchanges in 2024

1. Total Volume on the Top 10 Centralized Perpetual Exchanges Hit $58.5T, Double Its Volumes of $28.0T in 2023

The top 10 Centralized Perpetual Exchanges recorded $21.2 trillion in trading volume in 2024 Q4, an increase of +79.6% from Q3’s figure of $11.8 trillion. Overall, the top 10 exchanges recorded $58.5 trillion of volume in 2024, making it the most active perpetuals trading year ever. 

Despite seeing an increase in trading volume in Q4, Binance slowly ceded market share to its competitors throughout 2024. It led the sector with a 34% share of volume in December, down from 43% in January.

Meanwhile, Coinbase International entered the top 10 for the first time after its volumes increased by more than fourfold in December. ​
 

2. Total Volume on the Top 10 Decentralized Perpetual Exchanges Hit $1.5T, With Hyperliquid Accounting for More Than Half the Recorded Volume in 2024 Q4

The top 10 Decentralized Perpetual Exchanges recorded $492.8 billion in trading volume in 2024 Q4, an increase of +55.9% from Q3’s figure of $316.2 billion. In total, the top 10 exchanges recorded $1.5 trillion in trading volume in 2024, a jump of +138.1% from 2023’s figure of $647.6 billion. 

Hyperliquid (HYPE) was one of the major highlights in Q4, owing to its successful HYPE airdrop. It managed to capture more than 55% of market share in Q4, reaching a high of 66% in December. 

Meanwhile, former market leader dYdX has seen a significant decline in market share throughout 2024. It declined from 73% in January 2023 to just 7% in  December 2024.

Solana-based Jupiter has leapfrogged to become the second largest perp DEX. However, Solana only accounted for 15% of perp DEX trading volume in 2024.

3. Bitcoin Consistently Accounted for Approximately 45% of Open Interest on the Top 10 Centralized Perpetual Exchanges in 2024, While Solana Saw a Sharp Spike in Volume

Open Interest (OI) on the Top 10 Centralized Perpetual Exchanges crossed the $100 billion mark for the first time on November 22, 2024, staying above that figure until the end of year. In comparison, OI was at $59.0 billion on October 1, 2024, and $31.2 billion on January 1, 2024. The big leap in OI came after Donald Trump’s victory in the US Presidential Elections in early November, bolstering the bullish market sentiment.

Bitcoin (BTC) dominated OI, accounting for ~45% of market share in 2024. This was followed by Ethereum (ETH) with 21%, Solana (SOL) with 4%, and others at 30%. 

As for volume, Solana spiked throughout 2024. ​Solana’s share of perpetual trading volume showed a perceptible pickup in mid-March, end-June, and early-August. This corresponded roughly with the launch of pump.fun in early 2024, along with the wave of initial meme coins, followed by celebrity tokens such as Caitlyn Jenner (JENNER) and Mother Iggy (MOTHER) launched mid-year. 

Read the Report: CoinGecko’s State of Crypto Perpetuals: 2024

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