Welcome to Amberdata’s End-of-Year Report for 2024. At Amberdata, our mission is to shed light on these rapid developments by analyzing a broad range of metrics—from Gini Coefficients and holder distributions to UTXO analytics and funding-rate differentials—combining both on-chain and off-chain data. Whether you’re tracking whale flows for institutional insight, evaluating stablecoin liquidity for a DeFi project, or navigating the derivatives market as a retail trader, our platform provides the depth and breadth of intelligence needed for confident, data-driven decision-making.
In the final series of this report, we explore the key metrics and evolving market dynamics surrounding exchanges and derivatives. This is the fourth and final installment in a comprehensive series that began with our deep dive into Bitcoin in Part 1, continued with Ethereum in Part 2, and examined stablecoin trends in Part 3. Download the full report here.
Spot and derivatives markets on major centralized exchanges remained robust throughout the year, often surpassing $100 billion in daily trading volume during peak periods. Leading venues such as Binance, Coinbase, and OKX held the bulk of this liquidity, though mid-tier platforms differentiated themselves by focusing on select altcoins or derivatives products. The top 10 traded tokens generally included BTC, ETH, and USDT, but mid-cap assets like XRP, SOL, and DOGE occasionally attracted heightened volume following major announcements. Traders can monitor these volume shifts for arbitrage opportunities and optimal order execution, pinpointing where liquidity pockets are most favorable at any given time.
Futures and perpetual markets experienced a notable uptrend in open interest, hitting multi-year highs by the close of 2024. Funding rates for BTC, ETH, and SOL at venues like Bybit, Binance, and Deribit periodically diverged, creating cross-exchange arbitrage prospects. Shifts in long–short ratios highlighted pockets of extreme bullish or bearish positioning, which often preceded local squeezes or liquidation events. When reviewed alongside exchange-specific open interest, these metrics expose critical regions of concentrated risk or exuberance. Overall, this expansion in derivatives usage underscores a more mature infrastructure, yet sudden volatility remains a reminder of the importance of diligent risk controls.
During Q1, daily exchange-traded volumes frequently surpassed $40–50 B across major venues such as Binance, Coinbase, and OKX, driven in part by heightened institutional interest and improving retail adoption. By late March and early April, combined turnover occasionally exceeded $100 B, reflecting a surge in speculative flows around new listings and derivatives expansions. Mid-level exchanges including Bybit, Kraken, and MEXC also benefited from these liquidity inflows, suggesting an industry-wide broadening of active participants. Traders generally found tighter spreads and improved depth during these high-volume stretches, which facilitated more sophisticated strategies with lower execution risk.
The momentum carried into Q2 and Q3, though overall trading activity moderated slightly during the mid-year period. Even so, daily volumes remained well above pre-2024 levels. Platforms offering perpetual futures and options noted steady growth in notional open interest, reinforcing the ongoing shift toward advanced hedging and leverage products. In response, smaller exchanges accelerated efforts to diversify their offerings, aiming to capture segments of the rising derivatives market. This environment sustained healthy liquidity pools, allowing active market participants to execute large orders without significant slippage.
By Q4, renewed market optimism and year-end portfolio adjustments lifted total volumes back toward—and sometimes beyond—$100 B on particularly active sessions. Binance and Coinbase maintained their leadership positions, though Bybit continued to gain market share in perpetual swaps. Robust liquidity across spot and derivatives markets supported intraday volatility, presenting both arbitrage potential and heightened risk for unhedged exposures. Nonetheless, traders benefited from the more mature market structure, with stable matching engines and multi-exchange connectivity fostering deeper price discovery and generally smoother trades heading into the new year.
During the final weeks of 2024, recorded volumes across these assets underscore the dominant positions of BTC, ETH, and USDT, each frequently topping hundreds of millions or billions of dollars in daily turnover. On December 5, for example, BTC soared above $6.5 B, illustrating its persistent role as the market’s liquidity anchor, while USDT often surpassed $1 B, reflecting stablecoins’ fundamental role in daily transactions. ETH steadily ranged in the $500 M–$1.7 B bracket, indicating robust trading interest. Meanwhile, XRP enjoyed a notable upswing in early December, briefly exceeding $2 B on certain days.
Mid-cap tokens such as DOGE and SOL, at times crossing $300–$800 M, point to episodes of heightened speculation, especially around December 5–6. HBAR, XLM, and LINK demonstrated intermittent bursts in the $100 M–$300 M range, often tied to short-term news events. SUI exhibited some traction but remained comparatively smaller.
From a trading perspective, high-volume intervals among major coins typically featured tighter spreads and deeper liquidity, while sudden spikes in mid-tier tokens offered quick arbitrage opportunities. Overall, these flows highlight a dynamic year-end market environment, where established assets hold a lion’s share of attention and stablecoins continue to anchor capital rotation.
Futures and perpetual trading volumes varied significantly across major exchanges in 2024, with Binance consistently shouldering the highest traffic. Early in the year (January/February), daily totals often landed near the $30–$50 billion range for Binance alone—eclipsing the next-highest platforms like OKX or Bybit by large margins. Notable spikes appeared in March, where Binance momentarily surpassed $70–$80 billion on certain days (e.g., March 11), signaling a rush of leveraged positions amid strong market sentiment.
Mid-year volumes revealed renewed momentum: early August brought an extraordinary surge on Binance, exceeding $100 billion (e.g., around August 5), while OKX and Bybit also saw daily turns above $60–$70 billion. This emphasized a risk-on phase, with derivative-oriented traders piling in around catalysts—SOL and XRP even experienced short bursts of multi-billion daily flows on these platforms, though typically lagging Binance’s scale.
By late autumn and into December, a final uptrend emerged. Binance again crossed $90–$100 billion territory (e.g., December 5), while OKX soared above $50–$60 billion at times. Deribit, BitMEX, and Huobi usually remained in the lower brackets—frequently $1–$3 billion—though they occasionally jumped during high-volatility sessions. These sustained volume surges indicate robust liquidity across major exchanges, offering tighter spreads but also heightened liquidation risk for traders engaging in leveraged strategies.
Futures and perpetual volumes rose sharply in several key phases of 2024, with March marking one of the earliest surges. Around mid-March, for instance, BTC daily volumes briefly hovered near the $80–$81 billion range, up from more typical multi-week averages closer to $20 billion. ETH mirrored this escalation, often achieving half to two-thirds of BTC’s size—still representing hefty inflows, often reaching $30–$40 billion. On certain days, such as March 11, BTC approached roughly $81 billion in volume while ETH approached $36 billion, underscoring increased leverage, strong directional positioning, and robust liquidity for top assets.
A second wave of pronounced activity occurred around mid-year. In early August, BTC once again saw daily tallies occasionally cresting above $100 billion—for instance, a reading around $127 billion signaled a marked uptick in risk-on behavior and momentum trading. ETH followed suit, though it generally stayed in the $50 billion or below zone on similar days. Some altcoins (e.g., SOL and XRP) briefly jumped from single-digit billions to mid-teen or even $20 billion ranges under news-driven or ecosystem-centric catalysts. However, other tokens like LTC or DOT often remained at more moderate levels—generally below $5 billion—save for sporadic events or broader market surges.
By late in the year, volumes climbed a final time, with early December numbers showcasing BTC again near—and sometimes surpassing—$100 billion in single-day turnover. ETH volumes also intensified, occasionally posting $40 billion or higher. For example, near December 5, BTC approached $110 billion, while ETH surpassed $40 billion, indicating a renewed wave of capital rotation, heightened volatility, and ample liquidity for order execution. This pattern of recurrent spikes and expansions suggests that top-tier assets routinely attract leveraged inflows whenever macro sentiment or crypto-specific developments align. For traders, these volume surges not only improve liquidity and reduce slippage on large orders, they also carry higher liquidation risk in times of extreme moves—making prudent position sizing and risk management crucial.
Funding-rate fluctuations across platforms such as Bybit, Deribit, and Binance created multiple arbitrage opportunities throughout 2024. For instance, on March 6, Deribit’s BTC-USDT funding rate briefly dipped to around -0.13%, while Binance BTCUSDC stayed near 0.01%. Traders who noticed this discrepancy could open offsetting positions—short on Deribit (collecting the negative funding) and long on Binance (paying a negligible rate)—to capture a near risk-neutral yield. Conversely, Bybit often showed spikes above 0.06%, especially in early April, reflecting surges in bullish leverage and offering potential short-funding plays for those simultaneously longing on an exchange with lower or neutral rates.
As the year progressed, most exchanges converged toward moderate positive rates in the 0.01–0.02% band, indicating broad market optimism with only occasional pockets of strong directional bias. Even BitMEX, typically known for rapid funding swings, remained relatively stable except for a few isolated sessions. By Q4, funding soared again on certain days—sometimes exceeding 0.04% across Bybit and OKX—coinciding with renewed interest in BTC and heightened volatility around the November–December rally.
In these high-rate periods, a trader might short the elevated funding side (e.g., Bybit BTCUSDT) while longing on Deribit or Binance, thereby profiting from funding differentials. As year-end approached, most platforms settled around mildly positive rates, reflecting a constructive market atmosphere. Still, vigilance remained crucial, since sporadic negative prints—often triggered by sudden short demand—could quickly flip the risk-reward structure of a cross-exchange arbitrage strategy.
Funding-rate data for ETH perpetuals in 2024 shows a variety of divergences among major exchanges, presenting opportunities for arbitrage and carry trades. For instance, Bybit and Deribit occasionally deviated from Binance or OKX by over 0.05–0.06%, particularly during bullish stretches in March and April, when Bybit’s ETHUSDT rate briefly exceeded 0.08%. Meanwhile, Deribit ETH_USDC-PERPETUAL turned negative on sporadic dates (e.g., April 5 and mid-June), indicating elevated short demand specific to that market. Observant traders can exploit such mismatches by shorting high-funding venues and longing where the rate remains low or even negative.
Throughout Q2, rates often converged toward moderate levels (e.g., 0.01–0.02%), reflecting a broad equilibrium. However, specific spikes still occurred—like the April 1 jump above 0.06% on multiple platforms, signaling a wave of bullish leverage. Conversely, sustained negative prints around May–June on BitMEX ETHUSDT implied temporary market pessimism or hedging, offering contrarian trades with minimal directional risk if paired against a venue where the rate stayed neutral.
Late-year rallies around November–December saw numerous sessions above 0.03–0.05%, especially on Bybit ETHUSDT and Binance ETHUSDC, reflecting heightened interest in ETH during spot and derivative price surges. Traders who track real-time rates across several exchanges can spot short-lived dislocations—like a Bybit spike vs. a calmer Deribit environment—to execute “funding-rate arbitrage.” As year-end approached, most platforms stabilized in positive territory, suggesting a moderately bullish consensus on ETH’s outlook, albeit with frequent single-day anomalies that reward vigilant cross-market strategies.
Funding-rate data for SOL perpetuals in 2024 reveals noteworthy disparities among exchanges—Bybit, Deribit, Huobi, and OKX—with Binance occasionally listing SOLUSDC/USDT rates that diverge from those on competing platforms. For instance, in early Q1, Binance’s SOLUSDT rate hovered around 0.02–0.03%, while Bybit SOLPERP registered surges above 0.09% in a few sessions, pointing to heightened long demand among Bybit traders. Meanwhile, Deribit’s SOL_USDC-PERPETUAL occasionally turned negative (e.g., April 14 and a stretch in late May), suggesting pockets of aggressive short positioning.
From an arbitrage perspective, traders can exploit these mismatches by shorting the venue with the elevated funding rate (thus collecting high fees) while opening a compensating long on an exchange featuring a lower or even negative rate. This two-legged approach is designed to remain largely delta-neutral—limiting exposure to SOL’s price movements—while capturing the funding differential. Moreover, episodes of negative funding on one platform (like Huobi) versus a stable or slightly positive rate on another (e.g., OKX) also invite cross-exchange plays, as there is consistent daily yield to be earned.
Overall, after mid-year, most venues converged around mild positive territory, indicative of balanced sentiment on SOL. However, abrupt spikes still emerged: Bybit’s leaps in August and occasional negative flips at Binance (e.g., July 5) illustrate how quickly sentiment can shift. Monitoring such swings across multiple exchanges, and moving quickly when rates diverge, remains key for traders seeking to lock in these funding-driven returns without taking large directional risks on SOL’s underlying price trajectory.
In the first quarter of 2024, open interest across most major crypto assets (BTC, ETH, SOL, XRP, etc.) kicked off on a relatively moderate note but soon showed signs of expansion—particularly in March. For example, BTC open interest stood at about $11 billion on January 1 and climbed to nearly $24 billion by early March, reflecting a rising tide of market participation. ETH exhibited a similar pattern, edging from around $5.8 billion in early January to roughly $9.6 billion by late February. Smaller-cap assets like SOL and LTC also trended upward in this period, indicating that liquidity was improving not just in top-tier coins but also in mid-sized markets. Notably, SOL’s open interest hovered around $1.2 billion at the start of January and exceeded $2 billion by early March, hinting at bullish sentiment and robust inflows from leveraged traders.
Around mid-to-late March, a pronounced surge in open interest became evident across several assets, underscoring heightened volatility and trading appetite. BTC, for instance, spiked above $30 billion in late March, while ETH touched the $10–$11 billion range. Notably, SOL’s open interest soared past $2.4 billion by the month’s end, with certain days exceeding $2.7 billion, reflecting aggressive positioning—both long and short—and stronger liquidity. This jump in liquidity was particularly visible in smaller altcoins like XRP and DOT, whose open interest volumes also ticked higher, suggesting broader market engagement beyond just BTC and ETH. Many traders took advantage of narrowing spreads and deeper order books, leading to more confident deployment of capital in perpetual futures and options strategies.
By year’s end, the data shows an even more striking increase, pointing to a market that closed out 2024 with a wave of optimism and high participation. BTC open interest, for example, surged past $47 billion on December 28—up dramatically from earlier months. ETH similarly pushed beyond $18 billion, reflecting a robust close to the year. SOL’s open interest, ending above $3.3 billion, underscores how altcoins managed to maintain strong traction throughout the final quarter. Liquidity, overall, appeared healthy: in large-cap coins, the bid–ask spreads remained relatively tight, and volumes were sufficient to handle the influx of traders seeking exposure. This late-year climb illustrates how external catalysts—such as favorable macro sentiment or network upgrades—can prompt big inflows in open interest, serving as both a sign of confidence and a potential accelerant for volatility heading into 2025.
In early 2024, exchange-specific open interest figures showcased a moderate yet steady accumulation before really accelerating into March. For instance, Binance hovered around $7.9 billion on January 1 and climbed past $12–$13 billion by mid-March—a signal of strong capital inflows and rising liquidity in its derivatives markets. CME, largely focused on institutional flows, also witnessed an uptick from roughly $5.6 billion on January 3 to beyond $7.7 billion by late February, indicating more robust futures activity. Meanwhile, Bybit’s open interest rose from around $5.6 billion at the start of the year to surpass $7.5 billion by early March, reflective of retail and high-frequency traders seizing opportunities in a more volatile environment. OKX and Deribit maintained healthy levels as well, with Deribit especially seeing surges above $2 billion in some sessions, thanks to its focus on options and more sophisticated strategies.
Around mid-year, multiple platforms reached new highs, underscoring the heightened appetite for crypto derivatives. Binance flirted with $14–$16 billion in late June, while Bybit briefly neared $10 billion in the same timeframe, signaling ample liquidity across order books. CME’s open interest also remained buoyant, often surpassing $10 billion, reflecting sustained institutional demand. Interestingly, OKX open interest touched levels above $6 billion in Q3, marking one of its strongest performances year-to-date, while Huobi and BitMEX—though smaller in scale—saw their own bursts, indicating that traders diversified across multiple venues to capture basis differences and liquidity pockets.
By December, the data shows a pronounced end-of-year surge: Binance comfortably sat above $20 billion in open interest on several days, with occasional peaks over $22 billion, while CME soared to nearly $27 billion in its strongest sessions, reflecting potential hedging or speculative flows tied to macroeconomic events. Deribit likewise experienced strong year-end momentum, crossing $4–$5 billion in open interest, partly driven by options trading around major expiries. Liquidity conditions appeared robust overall, as narrower bid–ask spreads were observed on top venues, and even smaller exchanges managed to attract enough volume to handle the influx of traders.
Binance’s 2024 long–short ratios for BTC, ETH, and SOL reveal significant oscillations that can guide trading strategies. BTC’s ratio sometimes soared above 2.0 or even 3.0 (e.g., early May at 3.46), reflecting a heavily bullish bias that could become precariously overcrowded. In contrast, there were moments—like in February—where BTC dipped below 1.0, signaling dominance by shorts and potential squeeze risks. Meanwhile, ETH and SOL often diverged from BTC over the last couple of months, with ETH hitting above-3.0 readings in mid-March and late May, and SOL ratios briefly surpassing 4.0, underscoring stronger altcoin sentiment.
Such spikes or troughs in the ratio point to possible entry or exit cues. A soaring ratio can lure momentum traders to ride the wave, though contrarians might short if they foresee a liquidation cascade against over-leveraged longs. Conversely, a ratio under 1.0 reveals a short-heavy market, which could unleash upward jolts if bullish catalysts emerge. Notably, ETH and SOL’s divergence from BTC—increasingly bullish at times when BTC was neutral—suggests altcoin enthusiasts might capitalize on alt-specific hype or shifting liquidity flows.
Watching these fluctuations on Binance alone is insightful, yet comparing them with other exchanges (like Bybit) refines the picture. When ratios differ markedly, it can highlight potential arbitrage opportunities or signal which venue’s trader base is more aggressive. Ultimately, aligning ratio signals with risk appetite and cross-exchange sentiment helps traders decide whether to ride the trend, hedge, or stand aside until the market tips its hand.
Bybit’s 2024 long–short ratios for BTC, ETH, and SOL generally mirrored some of the trends seen on Binance but carried their own distinctive patterns. For instance, BTC’s ratio on Bybit was at times more moderate, hovering near 1.2–1.3 during certain stretches when Binance’s soared above 2.0, signaling that Bybit traders might have been less aggressively bullish. At other times—like in March, when BTC’s ratio topped 1.5 on Bybit—sentiment shifted to echo Binance’s exuberance. This interplay suggests Bybit’s user base may be somewhat more cautious on big spikes but still quick to join rally-driven optimism.
Meanwhile, ETH and SOL showed notable divergences relative to BTC—especially in mid-year. ETH’s ratio occasionally aligned with BTC, but it also exhibited independent surges (e.g., near 1.55 or above) that outpaced Bitcoin’s relative mildness at those moments. SOL, too, had episodes surpassing 1.5 when BTC was subdued, hinting at altcoin-specific trading fervor. Such decouplings reflect how altcoins can generate self-contained hype, providing fresh momentum opportunities.
These differences between Bybit and Binance matter for traders seeking cross-exchange advantages. When Bybit’s ratio for, say, SOL spikes higher than Binance’s, it could reveal a pocket of more aggressive speculators—either to ride an altcoin wave or to fade an overcrowded trade. Being aware of such divergences helps fine-tune entries, manage risk, and exploit sentiment swings more effectively.
Overall, 2024 proved to be a watershed year for exchanges and derivatives, combining surging volumes with a broadening base of market participants. Daily turnover regularly crossed into the $100 billion range, bolstered by renewed institutional inflows, year-end portfolio rebalancing, and a vibrant altcoin environment. The high concentration of activity on leading platforms like Binance, Coinbase, and OKX underscores their centrality, yet mid-tier exchanges gained traction by catering to specific niches or offering competitive derivatives products.
On the futures and perpetual side, open interest climbed to new highs, illustrating growing appetite for hedging, leverage, and sophisticated trading strategies. Funding-rate disparities across exchanges created a tapestry of arbitrage opportunities for vigilant traders, while swings in long–short ratios and open interest data revealed shifting pockets of exuberance and caution. These dynamics, particularly apparent in BTC, ETH, and SOL markets, fostered active speculation but also demanded rigorous risk management.
Ultimately, the landscape entering 2025 appears both robust and more mature, with deeper liquidity, tighter spreads, and increasingly diverse offerings fueling further adoption. Yet the inherent volatility and leverage in crypto derivatives mean sudden price moves can still trigger liquidation cascades. For both retail and institutional participants, the key lies in harnessing today’s improved infrastructure without overlooking the risks. As the industry evolves, exchanges and derivatives will likely remain front and center—powering growth, innovation, and, at times, recalibrating the market’s equilibrium in a single trading session. If you’d like to learn more, click the link to get a demo or pricing.
If you’re interested in exploring delta-neutral trading strategies, we invite you to check out our Crypto Pairs Trading Strategy paper for a deeper dive into capitalizing on market inefficiencies. The paper includes backtested pairs trading strategies that link to a GitHub repository with all the code for the strategy and backtesting.
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