PROVIDENCIALES, Turks and Caicos Islands, March 13, 2026 /PRNewswire/ -- The global crypto derivatives market experienced a modest slowdown in February, even as competition among leading exchanges intensified, according to the latest CoinDesk Data Exchange Review - February 2026.
Conducted on a monthly basis, the report provides a comprehensive overview of the crypto exchange landscape, offering insights for crypto market participants, institutional investors, analysts, and regulators seeking to better understand market structure and exchange performance.
Derivatives Trading Volume Falls Amid Low Volatility
According to the report, derivatives trading volumes declined 2.41% in February to $4.11 trillion, marking the lowest monthly level since October 2024.
The decrease in derivatives activity coincided with relatively low market volatility, as most major digital assets traded within narrow price ranges throughout the month. Lower volatility typically reduces speculative trading and hedging activity, leading to softer derivatives volumes across exchanges.
Despite the overall decline in trading activity, the derivatives segment continued to dominate the crypto trading landscape, accounting for 73.2% of total market volume in February, slightly up from 73.1% in January.
Exchange Competition Intensifies in Derivatives Market Share
While overall derivatives activity softened, the report shows that competition among exchanges for derivatives market share continued to intensify. Among major platforms, KuCoin ranks among top exchanges in market share growth.
According to CoinDesk Data, KuCoin recorded a 0.20% increase in derivatives market share, placing it among the top-performing exchanges for derivatives growth during the month.
The gain highlights continued competition among mid-tier global exchanges to capture market share even during periods of reduced trading activity. Several other exchanges also saw moderate gains in derivatives market share during the month.
Market Structure Continues to Evolve
The February data reflects a broader structural trend in the crypto exchange sector: even during periods of subdued market volatility, exchanges continue competing through liquidity depth, product expansion, and derivatives infrastructure improvements.
As derivatives remain the dominant segment of crypto trading, shifts in market share are increasingly viewed as an indicator of platform competitiveness and trading ecosystem maturity.
With derivatives accounting for nearly three-quarters of overall trading activity, the exchange landscape continues to evolve as platforms seek to attract both retail and institutional traders through deeper liquidity, product innovation, and improved trading infrastructure.
Read the full report.
About KuCoin
Founded in 2017, KuCoin is a leading global crypto platform trusted by over 40 million users across 200+ countries and regions. The platform delivers innovative and compliant digital asset services, offering access to 1,000+ listed tokens, spot and futures trading, institutional wealth management, and a Web3 wallet.
Recognized by Forbes and Hurun, KuCoin holds SOC 2 Type II and ISO 27001:2022 certifications, underscoring its commitment to top-tier security. With AUSTRAC registration in Australia and a MiCA license in Austria, KuCoin continues expanding its regulated footprint under CEO BC Wong, building a reliable and trusted digital-asset ecosystem.
Learn more: www.kucoin.com
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