Rank four covered exchanges by reported 24-hour linear-perpetual turnover. BTC open interest is a separate, narrower measure; this is not a whole-market ranking.
Reported rolling 24-hour traded notional for the covered linear crypto perpetual contracts at four exchanges. Collection times and status identify unavailable values, retained values and measurements that do not pass the age check.
Refresh attempt every 60 seconds
Upper-bound collection and known-input age limit: 180 seconds
Some measurements are missing, fail the conservative age check, or have a failed latest collection attempt.
Conservative age evaluation time:
USDT amounts are treated as USD-equivalent at parity. This is an assumption, not a measured USDT/USD conversion.
A recent response does not establish when every underlying measurement was observed.
Four-source 24h traded notional
$68.22BUSD
Configured sources
4
Sources with a reported value
4
Sources passing timing, age and collection checks
3
Four-source BTC OI value
$12.42BUSD
Configured sources
4
Sources with a reported value
4
Sources passing timing, age and collection checks
3
Share of covered 24h traded notional
Shares require verified timing, complete volume whose upper-bound age estimates are within 180 seconds, and successful latest collection attempts at all four sources.
Exchange
Binance
The contract list could not be validated.
Latest collection attempt
Latest attempt coverage
Contract coverage could not be established for this attempt.
24h traded notional
$45.83BUSD
Volume collection status: Not confirmed within the 180-second age limit
Retained from an earlier successful collection
Successful collection time
Source response time
Unavailable
Estimated collection age (upper bound): 476,599 s
Estimated oldest known input age (upper bound): 476,600 s
BTC OI value
$8.73BUSD
BTC OI collection status: Not confirmed within the 180-second age limit
Retained from an earlier successful collection
Successful collection time
Source response time
Unavailable
Estimated collection age (upper bound): 476,599 s
Estimated oldest known input age (upper bound): 476,607 s
Source quote currency
USDT
Valuation method
Single-side OI value
Estimate valued at mark price
Reported OI time
Reported mark-price time
Mark price used
80351.8 USDT/BTC
Eligible contracts
526
Measurement coverage
526 of 526 eligible contracts reported
Highest-volume contract
BTCUSDT (BTC/USDT)
Contract 24h traded notional
$13.05BUSD
Exchange
Bybit
The latest collection succeeded.
Latest collection attempt
Latest attempt coverage
520 of 520 eligible contracts reported
24h traded notional
$18.94BUSD
Volume collection status: Within the 180-second age limit
Successful collection time
Source response time
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 59 s
BTC OI value
$2.51BUSD
BTC OI collection status: Within the 180-second age limit
Successful collection time
Source response time
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 59 s
Source quote currency
USDT
Valuation method
Single-side OI value
Venue-reported quote value
Reported OI time
Exact measurement time not supplied
Reported mark-price time
Exact measurement time not supplied
Mark price used
84053.85 USDT/BTC
Eligible contracts
520
Measurement coverage
520 of 520 eligible contracts reported
Highest-volume contract
BTCUSDT (BTC/USDT)
Contract 24h traded notional
$6.98BUSD
Exchange
Kraken
The latest collection succeeded.
Latest collection attempt
Latest attempt coverage
242 of 242 eligible contracts reported
24h traded notional
$1.10BUSD
Volume collection status: Within the 180-second age limit
Successful collection time
Source response time
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 60 s
BTC OI value
$184.05MUSD
BTC OI collection status: Within the 180-second age limit
Successful collection time
Source response time
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 60 s
Source quote currency
USD
Valuation method
Single-side OI value
Estimate valued at mark price
Reported OI time
Exact measurement time not supplied
Reported mark-price time
Exact measurement time not supplied
Mark price used
84077.16591713826 USD/BTC
Eligible contracts
242
Measurement coverage
242 of 242 eligible contracts reported
Highest-volume contract
PF_XBTUSD (BTC/USD)
Contract 24h traded notional
$456.93MUSD
Exchange
KuCoin
The latest collection succeeded.
Latest collection attempt
Latest attempt coverage
518 of 518 eligible contracts reported
24h traded notional
$2.36BUSD
Volume collection status: Within the 180-second age limit
Successful collection time
Source response time
Unavailable
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 59 s
BTC OI value
$991.21MUSD
BTC OI collection status: Within the 180-second age limit
Successful collection time
Source response time
Unavailable
Estimated collection age (upper bound): 59 s
Estimated oldest known input age (upper bound): 59 s
Source quote currency
USDT
Valuation method
Single-side OI value
Estimate valued at mark price
Reported OI time
Exact measurement time not supplied
Reported mark-price time
Exact measurement time not supplied
Mark price used
84054.2 USDT/BTC
Eligible contracts
518
Measurement coverage
518 of 518 eligible contracts reported
Highest-volume contract
XBTUSDTM (BTC/USDT)
Contract 24h traded notional
$489.77MUSD
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This tracker measures the quote-currency notional of executed trades over each source’s rolling 24-hour window. It does not count contracts, coins, traders or orders waiting in the book. Read the covered contracts and collection status with each value.
Executed volume does not measure the orders available now. Check the current spread, depth, fees and intended order size separately; high volume does not guarantee a low-cost fill.
Price and trading activity
Compare price and volume over matching periods and the same contract universe. This tracker provides a rolling 24-hour snapshot; it does not establish that a move will continue.
Limits of interpretation
A trade has both a buyer and a seller. Volume alone does not identify trader motives, net directional positioning or whether activity came from hedging or speculation.
Coverage and data quality
Reported volume is not proof of an exchange’s solvency, reserves or reliability. Missing data, changing contract coverage and different reporting conventions affect comparisons.
Reading volume and open interest
The examples below describe possible comparisons; this tracker does not provide a historical price series or a volume-change signal. A higher or lower figure needs a stated comparison period and the same contract coverage.
Higher volume with a rising price
Observation and limits
Reported traded notional was higher while the price rose. Notional depends on traded quantity and price; it does not establish trader motives or predict the next move.
What to check
Check matching time windows, current order-book depth and the contract’s open interest. This observation does not establish a long-entry signal.
Higher volume with a falling price
Observation and limits
The price fell while reported traded notional was higher. Volume alone cannot distinguish voluntary selling, hedging or forced liquidations.
What to check
Use separately identified liquidation data if assessing forced closures; price and volume alone do not prove they occurred.
A price move with lower volume
Observation and limits
Reported traded notional was lower in the chosen comparison period. Changes in price, quantity and coverage can affect it; this does not establish that the price move will reverse.
What to check
Check the baseline period, coverage and current spread and depth before interpreting the difference.
Rising open interest with lower traded volume
Observation and limits
Compare base-unit open interest separately from its dollar value. A higher mark price can raise dollar-valued open interest even when the outstanding quantity is unchanged.
What to check
Align the contract scope and observation times. Neither measure identifies a future breakout or the direction of a trade.
Traded notional measures executed activity over a period. Open interest measures outstanding exposure at a time. Dollar-valued figures also change with price; align units and timestamps before comparing them.
Sources and measurement scope
The comparison covers Binance, Bybit, Kraken and KuCoin. It includes trading, linear perpetual contracts with a crypto underlying and the stated quote currency. It excludes inverse contracts, dated futures, options and non-crypto underlyings. These four sources do not represent the whole derivatives market.
Traded notional combines executed quantity and execution price across trades in the reporting window. A change in notional can reflect price, quantity or contract coverage; it does not by itself show that more contracts changed hands.
BTC open interest is a quote-currency value for one specified linear BTC perpetual at each source, using a single-side measure. Binance, Kraken and KuCoin values are estimates from outstanding quantity and mark price; Bybit supplies a single-side quote value. These are not BTC quantities or all-contract open-interest totals.
An unchanged outstanding BTC quantity can have a different quote value when its valuation price changes. OI and valuation inputs can have different observation times; successful collection time is not the time of every underlying market observation.
A venue’s volume requires a complete instrument registry and valid volume for every eligible contract. Missing or invalid instruments make the venue total unavailable. A retained earlier measurement keeps its own contract coverage and collection time.
Percentage shares and rankings compare only these four sources. They require verified timing, complete volume whose upper-bound age estimates are within 180 seconds, and successful latest collection attempts at all four sources. Shares also require a positive combined volume; an available subtotal is never treated as the four-source total.
The page attempts a refresh every 60 seconds. Age checks use conservative upper-bound estimates based on this website’s server time, the full request duration and elapsed time. A value passes only if its collection and known inputs are within 180 seconds. A failed check does not prove that the value is older. Exact market observation times may be unavailable, so passing is not a guarantee of current data. Failed attempts remain visible beside available values.
Each metric keeps its successful collection time. Available source-response and reported OI or mark-price times are shown separately. A source response time does not establish when every measurement was observed. A new page load, cached response or failed refresh does not reset the original times.
Binance
Covered traded notional
Trading linear crypto perpetuals quoted in USDT, selected from the complete instrument registry. Reported quote turnover is summed across all eligible contracts.
BTC open-interest method
BTCUSDT: outstanding BTC quantity multiplied by mark price gives an estimated USDT value. OI and mark price may refer to different observation times.
Bybit
Covered traded notional
Trading linear crypto perpetuals quoted in USDT, selected from the complete instrument registry. Reported turnover is summed across all eligible contracts.
BTC open-interest method
BTCUSDT: use the venue-reported single-side open-interest value in USDT. The both-side field is a different measure and is not substituted.
Kraken
Covered traded notional
Trading linear crypto perpetuals quoted in USD, selected from the complete instrument registry. Inverse contracts and non-crypto contracts are outside this comparison.
BTC open-interest method
PF_XBTUSD: outstanding BTC quantity multiplied by mark price gives an estimated USD value. XBT is the source’s symbol for BTC.
KuCoin
Covered traded notional
Trading linear crypto perpetuals quoted in USDT, selected from the complete instrument registry. Reported turnover is summed across all eligible contracts.
BTC open-interest method
XBTUSDTM: outstanding contract count multiplied by BTC per contract and mark price gives an estimated USDT value.
Source documentation
API definitions and measurement methodology. These links document the calculation scope; they do not endorse a trading venue or verify its reported activity.
Which exchange has the highest crypto derivatives volume?
The tracker can compare the four covered sources by their reported rolling 24-hour traded notional. It does not measure the whole derivatives market. Rankings and percentage shares require verified timing, complete volume, upper-bound age estimates within 180 seconds, and successful latest attempts at all four sources. Rankings can change.
Why does derivatives volume matter?
It describes executed contract activity over a stated period. It does not directly measure current spread, order-book depth, execution cost, trader motives or exchange solvency. Open interest is a separate measure of outstanding contracts at a time.
What is the difference between derivatives volume and spot volume?
Spot volume measures trades in an asset; derivatives volume measures trades in contracts linked to an asset. This tracker covers a stated set of linear crypto perpetuals, not options or the entire futures market. It provides no universal derivatives-to-spot ratio.
How often is the volume data updated?
The page attempts a refresh every 60 seconds. Values keep their original collection and known source times. Age checks use conservative upper-bound estimates from the website’s server time, the full request duration and elapsed time. Failing the age check does not prove that a value is more than 180 seconds old. Exact observation times may be unavailable; polling does not guarantee new market data. Failed refreshes can retain earlier values with a visible failure status. The comparison treats USDT at USD parity.
Derivatives & Leveraged Products — Important Risk Warning
Derivatives and leveraged products are complex and carry a high risk of rapid, substantial losses. Depending on the product and account rules, losses can exceed the initial margin or money committed. A stand-alone purchased option can lose its entire premium plus transaction costs; writing options, exercising into another position, or combining positions can create additional obligations. An uncovered call writer can face unlimited loss. Applicable legal protections can affect the loss boundary.
You should carefully consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This content is for educational purposes only and does not constitute financial advice, investment advice, or a recommendation to trade derivatives.
Legal availability and regulatory protections depend on the product, service, provider and jurisdiction. In the EU, check the applicable investment-services rules, including MiFID II where relevant, and any product restrictions. Before trading, verify with the relevant regulator whether the provider has the permissions required for the service and whether the product may be offered to you. A website being accessible, or a product appearing on this website, does not establish authorization or eligibility.
Data limitations
Figures come from the stated exchange APIs and covered contract sets. Reporting times and methods may differ. USDT is treated at USD parity for this comparison; a currency-display conversion does not correct that assumption.
Exchange reporting windows and methods may differ. These figures do not establish current execution quality, exchange solvency or a trading recommendation.
Educational content only
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