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April 2020 Exchange Review
EXCHANGE REVIEW
April 2020
1
April 2020 Exchange Review
About
CryptoCompare’s Exchange Review aims to capture the key developments within the
cryptocurrency exchange market. Our review focuses on analyses that relate to exchange volumes,
which include those related to crypto derivatives trading, market segmentation by exchange fee
models, and crypto to crypto vs fiat to crypto volumes.
We also conduct an analysis of bitcoin trading into various fiats and stablecoins, an additional
overview of top crypto exchange rankings by spot trading volume, as well as a focus on how
volumes have developed historically for the top trans-fee mining and decentralized exchanges.
CryptoCompare’s Exchange Review is conducted on a monthly basis and caters to both the
crypto-enthusiast interested in a broad overview of the crypto exchange market, as well as
investors, analysts and regulators interested in more specific analyses.
For questions related to our research or any potential requests, feel free to contact our research
department at [email protected].
For those interested in accessing CryptoCompare’s data for their own purposes, including
cryptocurrency trade data, order book data, blockchain data, social data or historical data across
thousands of cryptocurrencies and 200+ exchanges, please take a look at CryptoCompare’s API
here: https://min-api.cryptocompare.com
2
April 2020 Exchange Review
Contents
About 1
Executive Summary 3
April Exchange News 4
Exchange Benchmark Analysis 5
Macro Analysis and Market Segmentation 7
Derivatives 12
Options 15
CME Institutional Volume 16
3
April 2020 Exchange Review
Executive Summary
April 30th Saw Historic Volumes Ahead of Bitcoin Halving
In April, crypto spot markets saw another historic daily volume record, totalling $66.2bn
on April 30th - as Bitcoin soared above $9,000. While this doesn’t match the daily
volumes seen on March 13th ($75.9bn), it still represents the second highest volumes
experienced on record.
The majority of this figure came from Lower Tier exchanges ($48.3bn), with volume from
Top Tier exchanges totalling $17.9bn. This figure once again represents one of the
highest volume trading days in history for Top Tier exchanges.
Binance the Only Exchange to See Derivatives Growth in April
In contrast to all other derivatives exchanges, Binance’s derivatives market volumes
increased 11.6% in April, to $108bn. Binance overtook BitMEX, which traded $69.3bn, a
decrease of almost 40% since March.
Huobi was the largest derivatives exchange in April, and traded $133bn (down 10.5%
since March). OKEx followed with $113bn (down 31.4%)
Top Tier Volumes Surged as Bitcoin Dipped Below $9K on the 30th April
As Bitcoin dipped below $9,000 on the morning of the 30th of April, Binance
represented the majority of trading volume (BTC/USDT market), trading a total of
$15mn at 11am BST. At this moment, it represented approximately 50% of trading
volume among 7 of the largest top-tier exchanges.
Binance and OKEx Remained Top Players in terms of Volume
Binance and OKEx remained the top players in terms of volume in April relative to other
Top Tier exchanges, capitalising once again on the volatility seen on the 29th and 30th. On
the 30th, Binance and OKEx traded $3.6bn and $2.5bn respectively while the next largest
exchange (Coinbase) traded $818mn.
4
April 2020 Exchange Review
April Exchange News
COMPANY STORY DATE
Huobi Huobi Launches Perpetual Swaps Apr 1
Binance Binance Launches an OTC Trading Portal Apr 2
Bitfinex Bitfinex Launches Staking Rewards Program Apr 7
Binance Binance Launches Bitcoin Options on Its Futures Trading
Platform
Apr 13
Coinbase Coinbase Launches a Signed Price Feed Sourced From
Coinbase Pro
Apr 23
BitMEX BitMEX Launches an ETHUSD Quanto Futures Contract Apr 24
Binance Binance Launches a Cryptocurrency Mining Platform Apr 27
Bitfinex Bitfinex Launches a Social Network for Traders Apr 27
5
April 2020 Exchange Review
Exchange Benchmark Analysis
CryptoCompare’s Exchange Benchmark aims to serve investors, regulators and crypto enthusiasts
by scoring exchanges in terms of transparency, operational quality, regulatory standing, data
provision, management team, and their ability to monitor trades and illicit activity effectively.
Rather than drawing attention specifically to bad actors, we instead highlight those that behave
in a manner that is conducive to maintaining an efficient and fair market, ensuring greater safety
of investors. We have hence introduced the notion of “Top Tier” vs “Lower Tier” volumes.
In April, Top Tier volumes decreased 15% to $244bn, while Lower Tier volumes decreased
only 4% to $857bn.
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Mo
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Historical Monthly Top Tier vs Lower Tier Volume
Lower Tier Top Tier
-4%-15%
% Change March/April
6
April 2020 Exchange Review
In April, spot markets saw another boost in daily volume totalling $66.2bn in a single day (30th
April). While this doesn’t match the daily volumes seen on March 13th ($75.9bn), it still represents
the second highest volumes experienced on record.
The majority of this figure came from Lower Tier exchanges ($48.3bn), with volume from Top Tier
exchanges totalling $17.9bn. This figure once again represents one of the highest volume trading
days in history.
Categorising exchanges by tier level based on our rigorous Exchange Benchmark methodology
helps capture a more representative picture of where the market has moved.
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BTC
Pri
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USD
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Daily V
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Billio
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)Total Spot Volume - Lower Tier vs Top Tier Exchanges
Top Tier Spot Lower Tier Spot BTC Price
$75.9bn
13 March
$66.2bn
30 April
22/12/2017
$24.2bn
16/07/2019
$27.5bn13/03/2020
$21.6bn
30/04/2020
$18bn
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Daily V
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Total Spot Volume - Top Tier Exchanges
Top Tier Spot BTC Price
7
April 2020 Exchange Review
Macro Analysis and Market Segmentation
Exchanges that charge traditional taker fees represented 78.1% of total exchange volume
in April, while those that implement trans-fee mining (TFM) represented less than 22%. Last
month, fee charging exchanges represented 80% of total spot volume.
Fee-charging exchanges traded a total of $860bn in April (down 9% since March), while those
that implement TFM models traded $236bn (up 6% since March).
In April, volume from many of the largest Top Tier exchanges decreased 26% on average (vs
March).
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Historical Volume by Fee Model
Fees TFM
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Binance OKEX Coinbase Liquid Bitstamp Bitfinex
8
April 2020 Exchange Review
Binance was the largest Top Tier exchange by volume in April, trading $48.4bn (down 24%). This
was followed by OKEx trading $41.4bn (down 13%), and Coinbase trading $9.1bn (down 31%).
Binance and OKEx remained the top players in terms of volume in April relative to other Top Tier
exchanges, capitalising once again on the volatility seen on the 29th and 30th. On the 30th, Binance
and OKEx traded $3.6bn and $2.5bn respectively while the next largest exchange (Coinbase)
traded $818mn.
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Binance OKEX Coinbase Kraken Liquid Bitstamp Bitfinex
Mo
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Feb-2020 Mar-2020 Apr-2020
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Daily Trading Volume Among Top Tier Exchanges
Binance OKEX Gemini Coinbase Kraken Bitstamp Bitfinex
9
April 2020 Exchange Review
Top Tier Volumes Surge as Bitcoin Dips Below $9K on the 30th April
As Bitcoin dipped below $9,000 on the morning of the 30th of April, Binance represented the
majority of trading volume (BTC/USDT market), trading a total of $15mn at 11am BST. At this
moment, it represented approximately 50% of trading volume among 7 of the largest top-tier
exchanges.
Bitfinex traded $6.1mn on its BTC/USD market (~20%), followed by OKEx at $3.2mn (~10%) on its
BTC/USDT market.
Binance: $15mn
Bitfinex: $6.1mn
OKEx: $3.2mn
Gemini: $2.5mn
Coinbase: $1.5mn
8300
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Top Tier Volumes on the 30th April as BTC Dips Below $9K - BTC/USD and BTC/USDT markets
Coinbase Bitfinex Gemini Kraken Bitstamp Binance OKEx close
11:00am
Total: $30.1m
10
April 2020 Exchange Review
Bitcoin to Fiat Volumes
BTC trading into USDT decreased 26% in April to 16.1mn BTC vs 21.6mn BTC in March.
Trading into USD and JPY also dropped to 1.8mn BTC (down 35%) and 1.2mn BTC (down
35%) respectively. The BTC/USDT market now represents 74% of total BTC traded into fiat
or stablecoin.
Stablecoins PAX and USDC followed in terms of total volume traded into BTC. BTC/PAX and
BTC/USDC markets traded 0.85mn BTC (up 27%) and 0.82mn BTC (down 39%) respectively in
April, beating the BTC/EUR and BTC/KRW markets in terms of volume.
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Monthly Bitcoin Volume Traded into Fiat or Stablecoin
USDT USD JPY PAX USDC EUR KRW PLN
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Monthly Bitcoin Volume Trading into Fiat or Stablecoin
Feb-2020 Mar-2020 Apr-2020
11
April 2020 Exchange Review
USDC and PAX have maintained popularity in recent months, with both now representing
approximately ~4% of BTC volume into stablecoins. Despite their growth, the BTC/USDT
pair still represents the majority of BTC traded into stablecoins at ~90%.
84%
86%
88%
90%
92%
94%
96%
98%
100%
Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020
Monthly Bitcoin Volume
Traded into Stablecoin Only
USDT PAX USDC TUSD NGN
12
April 2020 Exchange Review
Derivatives
Derivatives volume decreased 25% in April 2020, totalling $456bn. Meanwhile, total spot
volumes have only decreased 13%. As a result, derivatives represented 27% of the market in April
(vs 30% in March).
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Huobi FTX OKEx BitMEX Binance Deribit CME
13
April 2020 Exchange Review
Huobi was the largest derivatives exchange in April, and traded $133bn (down 10.5% since March).
OKEx followed with $113bn (down 31.4%)
In contrast to all other derivatives exchanges, Binance’s derivatives market volumes increased
11.6% in April, to $108bn. Binance overtook BitMEX, which traded $69.3bn, a decrease of almost
40% since March.
Institutional player CME saw futures volumes decline 11.1% to $4.5bn.
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Mo
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Historical Monthly Derivatives Volumes
Feb-2020 Mar-2020 Apr-2020
-10.5%
-31.4%
11.6%
-39.9%
-55.6%
-46.3%
-11.1%
Huobi
OKEx
Binance
BitMEX
FTX
Deribit
CME
% Change Mar/April
14
April 2020 Exchange Review
On the 30h of April, daily derivatives trading volume totalled $39.1bn. On this day, OKEx traded
the greatest amount at $10.9bn followed by Binance with $10.3bn.
Binance has quickly become a major derivatives player in a short space of time, with volumes
increasing steadily since the start of the year. The derivatives space has gradually developed in
terms of the number of products available across all market players.
In terms of total futures products, OKEx led in April with an average of 97 products with positive
volume, followed by FTX with 72 products. Huobi added perpetual swaps at the end of March and
traded the third greatest number of products on average in April, at 35 products.
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Daily Derivatives Volume - Last Two Months
Binance Huobi Deribit BitMEX OKEx
FTX CME bitFlyer BTC Price
Total: $53bn
12 March 2020
$39.1bn
30 April 2020
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Average Number of Derivatives Products - Monthly
Binance Huobi BitMEX OKEx FTX
15
April 2020 Exchange Review
Options
Derivatives exchange Deribit traded $168mn in options on the 30th of April. This represents the
second highest volume of options traded since the BTC price crash on the 13th of March.
Despite the volume surge on the 30th of April, Deribit’s options volumes continued to decrease to
$1.47bn in April overall (down 29% since March).
$188mn
13th March $168mn
30th April
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Deribit BTC Price
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Monthly Deribit Options Volumes
16
April 2020 Exchange Review
CME Institutional Volume
CME futures volumes have continued to decrease since the March 13th price crash. They have
decreased a further 11.1% to $4.5bn in April.
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CME BTC Price
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