Binance led the perpetual futures market with 40% market share and the spot market with a 32% share.

In the first quarter of 2026, the crypto market experienced a clear cooling in user participation following a cycle peak in the months prior. This decline in market participation was evident in crypto exchange trading activity.

Data gathered by CryptoQuant on exchange activity in Q1 shows that traders and investors concentrated on major exchanges amid a decline in overall trading activity. Large liquid venues attracted the most capital during periods of strong price momentum. Within the same period, perpetual futures dominated market structure, reflecting an overwhelming…