RootData: Binance and Bitget account for over 70% of the order book liquidity in equity derivatives.
TechFlow News, on September 10, according to the '2026 Explosive Growth of Stock Derivatives: Crypto Exchange Landscape and Key Trends' report released by RootData, the stock derivatives sector has transitioned from 'marginal experimentation' to 'explosive volume growth', accumulating approximately $1.75 trillion in trading volume from January to August.
From the perspective of cumulative transaction value, the concentration among top players remains significant. Among the four exchanges, Binance leads with $853.58 billion, accounting for 61.3% of the market; Bitget ranks second with $270.85 billion at 19.5%; OKX follows closely with $234.39 billion at 16.8%; and Bybit takes fourth place with $33.41 billion at 2.4%.
In terms of liquidity, based on the ±2% weighted order book depth metric, Binance and Bitget together account for over 70% of the order book liquidity for stock derivatives. Specifically, Binance's average daily order book depth stands at approximately $10.1 million, followed by Bitget at $4.82 million, while OKX and Bybit record $3.87 million and $1.16 million, respectively.
Regarding trading costs, in the weighted spread comparison across more than ten representative popular assets recently, Bitget ranks first at 0.0144%, with Binance closely following at 0.0145%, placing both on nearly the same level; OKX is at 0.0154%, and Bybit at 0.0237%.
