Deribit Witnessed $1.1 Trillion in Trading Volumes in 2024, a 95% Year-over-Year Growth

Deribit, one of the leading crypto derivatives exchanges globally, reported a staggering $1.1 trillion in trading volumes in 2024, marking a 95% year-over-year increase from $608 billion in 2023.

In the company’s year-end report , Deribit CEO Luuk Strijers attributed the surge to increased activity throughout the year, particularly during the fourth quarter.

He noted that institutional investors showed heightened optimism surrounding the U.S. presidential election and Bitcoin’s dramatic bull run past the $100,000 mark.

Deribit Recorded Busiest Day on November 12

The exchange recorded its busiest day on November 12, shortly after pro-crypto President Donald Trump secured the nomination.

That day, Deribit saw a record $14.8 billion in 24-hour rolling volume. Later in the month, open interest peaked at an all-time high of $48 billion as Bitcoin prices continued their ascent.

Beyond the impressive overall growth, Deribit also reported a 99% increase in its notional options trading volume, with $243 billion in total options traded in Q4 alone.

However, its most remarkable performance came from its spot trading segment.

Despite being a newer offering launched in 2023, spot trading volumes skyrocketed by 810% in 2024, reaching $7.6 billion, up from just $837 million the previous year.

The broader crypto market also played a role in Deribit’s success. Market catalysts such as the launch of Bitcoin and Ethereum ETFs, the resurgence of memecoins, and crypto’s prominence in election discussions contributed to increased trading activity.

December 2024 emerged as the best month for trading volumes across exchanges since November 2021.

Deribit’s breakout year coincided with its efforts to strengthen regulatory compliance.

The company secured Virtual Assets Regulatory Authority (VARA) approval in Dubai and is pursuing derivatives licenses in France and Brazil.

Additionally, it implemented the FATF’s “Travel Rule” to enhance anti-money laundering measures and introduced advanced custody solutions in partnership with Fidelity, Zodia, and Copper.

December Sets Record for Spot and Derivatives Trading

As reported, December marked a historic milestone for centralized crypto exchanges, achieving the highest combined spot and derivatives trading volumes ever recorded, according to CCData’s latest market report.

The report revealed a 7.58% increase in combined trading activity, reaching an all-time high of $11.3 trillion.

Binance retained its dominance in spot trading, registering $946 billion in volume, a slight 0.13% rise. Bybit and Coinbase followed, with $247 billion (up 18.8%) and $191 billion (up 9.62%), respectively.

Crypto derivatives trading also surged, climbing 7.33% to $7.58 trillion, the highest monthly volume in derivatives history.

CCData noted a spike in liquidations as traders sought to capitalize on market volatility.

December’s trading frenzy coincided with Bitcoin’s historic climb, surpassing $100,000 for the first time on December 5 and peaking at $108,249 on December 17.

However, the month also witnessed a sharp $1 billion liquidation on December 20, as Bitcoin fell 3.5% from its $100,000 level following Federal Reserve Chair Jerome Powell’s comments signaling no rush to lower interest rates.

Market optimism was quickly tempered, with traders unprepared for the impact of Powell’s remarks, according to Swyftx analyst Pav Hundal.

The market outlook turned brighter in January, as the U.S. Consumer Price Index (CPI) report showed lower-than-expected core inflation for December, boosting prospects for interest rate cuts.