BitMEX has clocked in $1 trillion in volumes over the last year

The bitcoin futures market continues to heat up, but BitMEX is leading the pack. 

The exchange, which saw $7 billion worth of cryptocurrency-tied perpetual futures trade hands on its platform over the last 24-hours, has clocked in more than $1 trillion in trading volumes over the last 365 days, according to a tweet by its CEO Arthur Hayes.

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Data shows BitMEX commands 57% market share, beating other venues such as Deribit (~16%), Huobi DM (~14%) and OKEx (~10%) as well as CME Group (~2.5%). 

Still, BitMEX may soon see its position on the top rival as other players look to gate-crash the market for cryptocurrency derivatives. 

Binance and Bitfinex are both looking to launch their own offerings in the space. 

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].