The Evolution of Crypto Price Discovery
AUG 19, 2021 • 4 Min Read


Disclosure: Delphi Ventures and members of our team have invested in BTC and ETH. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Key Takeaways
Now that we’ve established that derivatives drive crypto price discovery, we can look which individual exchanges are at the forefront.
The first and most obvious inference from the chart below is BitMEX’s sharp decline in market share. When Binance launched support for derivatives, BitMEX’s dominance began to shrink. Rising activity on Chinese exchanges like OKEx and Huobi further exacerbated the situation for BitMEX.
OKEx and Huobi were thriving before China’s latest crypto crackdown, but there’s been a sizeable decline in their market share of futures/perps in recent months. FTX, Deribit, and Bybit have stepped up to capitalize on the opportunity. Growing market share for Western exchanges — including institutional ones like CME — could set the tone for the next few years.
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