Crypto derivatives exchange FTX's market share rises from 9% to 16%

Crypto derivatives exchange FTX

FTX's share of the bitcoin futures market has almost doubled since late June, rising from 9% to 16%. That's according to a report from research firm Arcane Research.

"The exchange has long been the second-largest futures market in the cryptocurrency sector. Its performance in bitcoin futures lagged behind OKEx, CME and Bybit until recently," the analysts shared their observations.

Arcane Research

The chart above shows that Binance dominates the cryptocurrency derivatives segment with 24%. FTX is in second place, with Bybit in third. The latter briefly emerged as the OI leader in April, but its share of the overall figure declined significantly in the following months.

The global open interest figure crossed the $15bn mark for the first time since May.

"Institutional interest in bitcoin still seems insignificant, with CME's share of global OI at 10%, a yearly low," Arcane Research stressed.

As a reminder, FTX announced on 20 July that it had raised an industry record $900m in funding, with investors valuing the platform at $18bn.

The crypto derivatives exchange later reduced its maximum leverage to 20x.

Following the investrun, FTX bought back shares owned by Binance for an undisclosed amount, which it invested in the crypto derivatives platform in December 2019. Bankman-Fried attributed the move to a difference in business management styles.

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