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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Combined spot and derivatives volumes fell 3.45% to $4.41T in May; the lowest level since September 2024 and the fourth consecutive monthly decline, as geopolitical uncertainty and continued investor interest in AI-driven equities weighed on crypto activity.

Spot volumes fell 4.68% to $963B; the weakest monthly total since October 2023. Derivatives volumes declined 3.11% to $3.45T, though their share of total activity rose to 78.2%; the highest since September 2023.

Gate and OKX were the strongest-performing spot exchanges in May, each gaining 0.66% in market share to reach 4.55% and 4.92% respectively; Binance retained its lead at 25.9%.

Open interest on derivatives exchanges rose 2.55% to $108B, with Binance (22.6%), BitMEX (11.1%), and Gate (10.8%) the three largest retail exchanges by OI.

RWA perpetual futures volumes rose 10.4% to a new all-time high of $211B; Binance led with 55.7% market share, while DEX futures volumes rose 7.64% to $596B; the first increase in seven months.

Combined crypto exchange volumes fell 3.45% to $4.41T in May; the lowest level since September 2024 and the fourth straight monthly decline. Spot markets saw the sharper contraction, falling 4.68% to $963B; the weakest monthly total since October 2023. Derivatives volumes declined a more moderate 3.11% to $3.45T, pushing their share of total activity to 78.2%; the highest reading since September 2023. Heightened geopolitical tensions and sustained investor rotation into AI-driven equity markets were cited as the primary headwinds.

Within spot markets, the more notable story was market share movement. Gate and OKX were the joint leaders in monthly share gains, each adding 0.66 percentage points. Binance held its dominant position at 25.9%. BingX saw the largest market share decline of the month, falling 0.96 percentage points to 1.46%.

Against the broader decline, RWA perpetual futures volumes moved in the opposite direction, rising 10.4% to a new all-time high of $211B. Binance led the category with a 55.7% market share; Hyperliquid ranked second at 28.9%. DEX futures also broke a six-month losing streak, rising 7.64% to $596B with DEX futures market share climbing to 14.7%.

Download the full May 2026 Exchange Review for complete exchange rankings, open interest data by venue, derivatives market share breakdowns, and CEX vs. DEX analysis across spot and futures markets.