Whether it is a centralised exchange (CEX) or a decentralised exchange (DEX), trading volume is a core metric that visually reflects the value and potential of a platform. Which exchange had the highest trading volume in the first quarter of 2022 just gone? We have compiled a ranking of the top 10 exchanges in terms of trading volume in Q1 2022 through our data site to analyse the growth of each exchange by comparing the data. The full rankings are as follows.

Top1: Binance

Binance's monthly trading volumes in Q1 were 2211B, 1916B and 2006B respectively, with an average monthly turnover of 2044B. As we saw in the previous article "Comparison of the top 10 exchanges in terms of traffic in Q1 2022", Binance was ranked as the number one exchange, still holding the number one position in terms of trading volumes, and with a huge advantage over the second place by a factor of three. It is no exaggeration to say that Binance is the "lone wolf" in the exchange space.

Top2:OKX

OKX ranked ninth in terms of traffic volume, but second in terms of transaction volume, which shows that OKX has more large customers and higher transaction volume per user.

Top3:FTX

FTX's single month trading volumes in the first quarter were 415B, 343B and 354B, with an average monthly trading volume of 370B. FTX's performance in terms of trading volume has been very stable, with no very large fluctuations. fTX ranks fourth in terms of traffic and third in terms of trading volume, placing it in the top three globally in terms of overall strength.

TOP4:Bybit

Bybit's monthly transaction volumes in Q1 were 238B, 226B and 262B respectively, with a monthly average of 242B. Bybit was ranked fourth, but its total transaction volume in Q1 was only 11% of Binance's, a huge difference. bybit ranked third in traffic and fourth in transaction volume, not far behind FTX's performance.

TOP5:Kucoin

Kucoin's single-month trading volume in the first quarter was 180B, 160B and 155B respectively, with an average monthly volume of 165B. Kucoin ranked sixth in terms of traffic and fifth in terms of trading volume, with a stable overall performance in the top five in the industry.

TOP6:Gate

Gate's single-month trading volume in the first quarter was 141B, 124B and 143B respectively, with an average monthly volume of 136B. Gate's traffic is 2.5 times that of OKX, but its trading volume is only 20% of OKX's, and the difference in single-user trading volume figures is very large. Large domestic investors prefer to use OKX, while retail investors prefer Gate.

TOP7: Huobi

Huobi ranked tenth in terms of traffic volume and seventh in terms of transaction volume in the first quarter, and although its influence in China is much smaller, its volume is still huge and its overall performance is firmly in the top 10 in the world.

TOP8:Crypto.com

Crypto.com's monthly trading volume in the first quarter was 133B, 104B, and 112B, respectively, with an average monthly trading volume of 116.3b, which is very close to Huobi's. Crypto.com ranked seventh in traffic and eighth in transaction volume, which is still very close.

TOP9:Coinbase

Coinbase's monthly trading volume in Q1 was 123B, 92B and 91B respectively, with an average monthly volume of 102B. Although Coinbase ranked second in terms of traffic, it only ranked ninth in terms of trading volume, the biggest change in ranking in the list. As for the reasons, firstly, the proportion of small retail investors is too high, and the proportion of professional traders and institutions is too low. The second is that Coinbase only has spot, not contracts.

TOP10:MEXC

MEXC's single-month trading volume in the first quarter was 45B, 70B and 108B respectively, with a monthly average volume of 74.3B. MEXC performed as expected, with trading volume and traffic in the top 10 or so positions, belonging to be the gatekeeper of the top 10 exchanges. Compared to OKX, the top-ranked exchange in China in terms of trading volume, MEXC's trading volume is only 13% of OKX's, so there is a long way to go. Although the total volume gap is large, MEXC has good growth momentum and is worth looking forward to.

SUMMARY

• Binance shows a huge lead over the other exchanges, with the remaining nine exchanges in the list not having as much trading volume as Binance combined, creating an oligarchy.

• There is a clear gradient in the exchange distribution, with Binance in first place, Coinbase, OKX, FTX, Bybit and Kucoin in second place, and Gate, Huobi, Crypto.com and MEXC in third place, based on a combination of transaction volume and traffic.

• Although OKX is not ranked high in terms of traffic, it has performed very well in terms of trading volume due to its excellent large customer operations and contract operations

• All exchanges have higher contract trading volume than spot trading volume, which means that contracts are becoming more and more important to exchanges, and Coinbase, which does not have contract futures trading, is at a disadvantage in the volume ranking.

Data Resource: www.coingecko.com

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