A new report says trading volumes on global centralized cryptocurrency exchanges (CEX) like Binance have spiked significantly since late last year.

According to data from the Bybit Institutional Report 2024, many CEXs at least tripled their monthly trading volumes from October 2023 to March 2024.

Released on April 18, Bybit’s report indicates that OKX 30-day volumes have surged as much as 278% since last October, while Binance followed with a 239% increase. Bybit exchange also stood out as one of the fastest-growing platforms in terms of volumes, adding 264%.

All three exchanges have surpassed the industry’s average growth rate of 255%, a spokesperson for Bybit told Cointelegraph.

The U.S.-based exchange Coinbase increased its volumes by 193%, slightly trailing from the average growth rate.

According to Bybit, the significant growth trends in CEX volumes were largely driven by the price rallies of Bitcoin (BTC) and Ether (ETH), which followed the approvals of spot Bitcoin BTC exchange-traded funds (ETFs) in the U.S.

“For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis,” a Bybit representative said. Bybit analysts compared October 2023 trading data to March 2024 to show volume growth and see market share changes between CEXs, the spokesperson added.

Despite OKX beating Binance in terms of growth speed over the analyzed period, Binance remains the largest cryptocurrency exchange in terms of market share, accounting for at least 58% of the total spot trading volume, according to Bybit’s data.

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In the report, Bybit is positioned as the second-largest exchange by market share, accounting for 9.6% of the market as of March 2023. Rival OKX exchange made up around 9% of the total crypto trading volumes.

According to Bybit data, the growth trend of CEXs has failed to overtake the growth rate of decentralized exchanges (DEX), as major DEX Uniswap v3 increased volumes by 320%.

Derivatives CEXs have also slightly increased 30-day trading volumes, with the biggest derivatives player, Binance, adding around 66% over the period.

“The derivatives market for CEXs is almost entirely dominated by Binance, OKX and Bybit,” the report notes.

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