Crypto Exchange 2022

Annual Report

TokenInsight Research
research@tokeninsight.com
Top 10 Exchanges in 3 Categories
Top 10 Exchanges Top 10 Derivatives Exchanges Top 10 DEXes

# Exchange Rating # Exchange Rating # Exchange Rating

Binance AA Binance AA Uniswap V3 A

Coinbase AA OKX A dYdX BBB

OKX A Bybit A Curve BBB

4 KuCoin A 4 KuCoin A 4 DODO BB

5 Kraken A 5 Bitfinex A 5 PancakeSwap BB

6 Cryptocom A 6 Kraken A 6 SushiSwap BB

7 Bitfinex A 7 Gate BBB 7 Trader Joe BB

8 Bybit A 8 Deribit BBB 8 GMX BB

9 Gate BBB 9 BitMEX BBB 9 Biswap B

10 Huobi BBB 10 Bitget BB 10 Osmosis B

Source: tokeninsight.com
2022 Crypto Trading Volume
Top 10 exchanges volume reached $40.87 trillion, dropping more than 50% YoY
Q1: $11,631B Q2: $11,448B
Spot Derivatives BTC Price (R) #1 peak: the daily volume
Q3: $10,349B Q4: $7439B
$400B $50K highest peak happened on
May 12, when Terra LUNA
collapsed and fell from $80
$350B
to a few cents, reaching
$41K $352.36B in a day.
$300B
#2 peak: on June 14, 3AC
$250B
$32K
went bankrupt only 35 days
after LUNA blew up.
$200B
#3 peak: on Nov 9th,
$23K Binance decided not to bail
$150B
out FTX, and FTX
suspended withdrawals. The
$100B daily volume reached over
$14K
$317B, with Bitcoin's price
$50B falling below $16,000.

$5K
2022/1/1 2022/2/20 2022/4/11 2022/5/31 2022/7/20 2022/9/8 2022/10/28 2022/12/17
Source: tokeninsight.com
 Exchange Market Shares
Binance’s market share increased from 48.9% to 64.1% by the end of 2022
Exchange Market Shares
Binance OKX FTX Bybit KuCoin Huobi
Cryptocom Gate Coinbase Kraken Bitfinex
1st Jan 31st Dec
100%
Binance 48.9% 64.1% ↑

Bybit 5.4% 11.1% ↑

80%
OKX 18.0% 14.7% ↓
KuCoin 4.1% 2.9% ↓
60%
Coinbase 3.0% 2.3% ↓
Huobi 4.1% 1.2% ↓
40%
Gate 3.2% 1.9% ↓
Cryptocom 3.6% 0.7% ↓
20% Kraken 1.0% 0.7% ↓
Bitfinex 1.2% 0.2% ↓
FTX 7.6% 0.0% ↓
2022/1/1 2022/2/20 2022/4/11 2022/5/31 2022/7/20 2022/9/8 2022/10/28 2022/12/17
Source: tokeninsight.com
Exchange Market Share Breakdown
Top 3 in spot: Binance, OKX, and Coinbase. Top 3 in derivatives: Binance, OKX, and Bybit
Bybit
8.46% Kraken 0.15% Bitfinex 1.65%
KuCoin
4.37% Bitfinex 0.22% Bybit 1.83%
OKX Gate
16.08% 3.40% Deribit 0.82% Kraken 2.16%

Huobi
BitMEX 0.93% Cryptocom 4.26%
2.63%
Spot + Deri
Share
Coinbase
Gate 2.87% Huobi 4.37%
1.93%
2022
Cryptocom KuCoin 3.81% Gate 4.49%
1.80%
Binance
60.09% Kraken Bitget 6.05% KuCoin 5.43%
0.66%
Bitfinex Bybit 10.15% Coinbase 7.69%
0.59%
OKX 17.47% OKX 9.14%
In terms of cumulative volume over the year, Binance held the
No.1 position with a 60% market share. OKX and Bybit Binance 57.51% Binance 58.98%
followed with 16% and 8.5% market shares, respectively.
Derivatives Share Spot Share
Source: tokeninsight.com
Coinbase Trading Volume & Stock Price
COIN stock price dropped much more than the decline of Coinbase’s trading volume

Coinbase Trading Volume Volume Trend COIN Price $COIN price dropped from
$8B $300 $251.05 at the beginning
of 2022 to $35.39 at the
$7B end, a sharp decline of
$250 85.90%, significantly
$6B underperforming the
market.
$200
$5B S&P 500 lost 18.11%
during 2022, while Nasdaq
$4B $150 dropped by 33.47%. Even
$DOGE returned better,
$3B which was -59.89%.
$100
Compared to 2022Q1,
$2B 2022Q4 Coinbase trading
$50 volume dropped by only
$1B 51.97%. The market might
have overreacted, and
$COIN became
2022/1/1 2022/2/20 2022/4/11 2022/5/31 2022/7/20 2022/9/8 2022/10/28 2022/12/17 undervalued.
Source: tokeninsight.com, investing.com
Derivatives Spot Volume Ratio
95% of the volume in Bybit was from derivatives, followed by OKX (86%) and Binance (75%)

Spot % Derivatives %

Bybit 5% 95% 95% of the volume in Bybit

was from derivatives, the
OKX 14% 86%
most among the top 10,
Binance 25% 75% followed by OKX (86%)
and Binance (75%).
KuCoin 31% 69%
Bitfinex and Kraken relied
Gate 33% 67% heavily on spot trading
since they both had more
Huobi 42% 58% than 70% of their volume
from it.
Cryptocom 60% 40%
Coinbase provided only
Bitfinex 71% 29% two future contracts with
little volume via Coinbase
Kraken 82% 18%
Derivatives Exchange, so
Coinbase 100% they were not included.

0% 20% 40% 60% 80% 100%

Source: tokeninsight.com, 2023.01.10
Derivatives Trading Market Shares
Bybit and Bitget’s market shares increased by the most after the FTX collapse

Binance OKX FTX Bybit Bitget KuCoin

Deribit BitMEX Gate Kraken Bitfinex FTX ranked third on the list
100% 3% 3% 3% at the beginning of the
5% 7% 8% 7% 7% 8%
8% 8% 8% year but went down in
8% 9%
10% 11% 10% 11% 11% November 2022.
12% 11% 11%
10% 10% 9% 11%
80% 9% 8% 8% 11%
9%
8% 8% 8% 4% Bitget's share increased
20% 20%
from 3% to 11%, and
21% 18% 17% 17% 15%
16% 15% 17% 16% 14% Bybit's share increased
60% from 8% to 11%.

Binance's dominance
40% decreased slightly from
59% to 58%, and OKX's
59% 58% 57% 57% 57% 56% 55% 58% 58% 57% 60% 58% 2nd place spot became
less secure, dropping its
20%
market share from 20% to
14%. Surprisingly, Binance
and OKX failed to gain
market share from FTX.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: tokeninsight.com
Open Interest
Total open interest shrunk to $20.1 billion, down 27% from the beginning of 2022
Binance OKX Bybit Bitget KuCoin BTC Price
OI Bitfinex Deribit BitMEX Kraken Gate
The highest open interest
$40B $50,000
reached $37.89 billion (April 5,
Bitcoin $46.6k), and the lowest
$35B touched $18.6 billion (July 2,
$41,000 Bitcoin $19.4k), showing a 48.1%
$30B huge drop where bitcoin's
market cap shrunk by 58%.
$25B
$32,000 By the end of 2022, the top 10
Bitget derivatives exchanges’ total
$20B open interest dropped 27.1%
Bybit from January 1 and 41%
$23,000
$15B compared to the peak on April 5.

OKX Bitget experienced a massive

$10B
increase in open interest from
$14,000
$841 million to $3.74 billion, a
$5B Binance 344% increase by the end of
2022. Others all dropped.
$5,000
2022/1/1 2022/2/20 2022/4/11 2022/5/31 2022/7/20 2022/9/8 2022/10/28 2022/12/17
Source: tokeninsight.com, 2023.01.10
Top 10 DEX Trading Volume
Top 10 DEX yearly trading volume reached $1.33 trillion. GMX became the biggest winner
Uniswap V3 Dydx Curve GMX Pancake DODO SuShi ETH Price
Trader Joe Biswap Osmosis DEX Share Change in 2022
$18B $4K
GMX 28.4% ↑

$16B dYdX 6.7% ↑

$3K
$14B DODO 3.8% ↑

Curve 1.3% ↑
$11B
$3K
Osmosis 0.1% ↑
$9B
Biswap -2.7% ↓
$2K
$7B
Trader Joe -6.0% ↓

$5B SushiSwap -7.4% ↓

$1K
Uniswap V3 -7.7% ↓
$2B
PancakeSwap -16.6% ↓
$1K
2022/01/01 2022/02/20 2022/04/11 2022/05/31 2022/07/20 2022/09/08 2022/10/28 2022/12/17
Source: tokeninsight.com, 2023.01.10
Note: Balancer V2 was omitted because most of its trading volume was related to Boosted stablecoins.
DEX vs CEX
DEX accounted for 3.15% of total volume in 2022, while its share increased in Q4 due to FTX
CEX DEX
$14,000B
DEX's performance declined in
(4.05%)
(3.27%) trading volume and market share
491B 387B (2.32%) between Q1 and Q4.
$11,200B
245B
In Q1, DEX represented 4.05% of
the trading volume, the highest in
$8,400B (2.70%) 2022. This figure decreased 33% to
207B 2.70% by the end of Q4.

Trading volume on both centralized

$5,600B 11,631B 11,448B exchanges and DEX declined
(95.95%) (96.73%)
10,349B significantly in Q4, primarily due to
(97.68%) FTX filing for bankruptcy, which
7,439B resulted in approximately over $7
$2,800B (97.30%) billion in liquidity evaporating from
the exchange.

Q1 Q2 Q3 Q4
Source: tokeninsight.com, 2023.01.10
GMX Platform and $GMX
$GMX price doubled in 2022, which is one of the best-performing tokens
GMX Margin Trading Volume GMX Price
$1,200M $60 GMX rose to prominence in 2022 and
became a significant player in the DEX
$1,050M space.
$50

$900M
GMX offers spot swap and margin
trading with zero slippage by letting
$40 users trade against the GLP pool. GLP
$750M is a basket of assets, including
stablecoins, BTC, ETH, and others.
$600M $30
GMX's trading volume increased from
13.79 billion in Q1 to $19.19 billion in
$450M
$20 Q4, an increase of 39.17%, which was
remarkable given that almost
$300M everybody else experienced a
$10 decrease in volume.
$150M
$GMX, the governance token of GMX,
almost doubled in 2022, increasing
2022/1/1 2022/2/20 2022/4/11 2022/5/31 2022/7/20 2022/9/8 2022/10/28 2022/12/17 from $21.69 to $41.18.
Source: tokeninsight.com, 2023.01.10
 FTX - “The Blip”
FTX bankruptcy is one of the most massive debacles in crypto history
Spot Volume Derivatives Volume FTT Price
$50B $60
November 2nd: CoinDesk
revealed that Alameda held a
position valued at $5 billion in
$50 FTT, the native token of FTX,
$40B
from a leaked financial
document.
$40
November 6th: Binance CEO
$30B CZ announced to sell all FTT
holdings, worth around $580
$30 million.
$20B November 10th: Binance
$20 walked away from bailing out
FTX. Meanwhile, FTX
suspended withdrawals.
$10B
$10
November 11th: FTX filed for
Chapter 11 bankruptcy, and
Sam Bankman-Fried stepped
down as FTX CEO.
2022/01/11 2022/03/02 2022/04/21 2022/06/10 2022/07/30 2022/09/18 2022/11/07
Source: tokeninsight.com, 2023.01.10
 Exchange Tokens Performance
FTT, CRO, WRX, BTR, ASD prices dropped >80%, while only LEO & OKB stood out
2022.1.1-2023.1.1 2022.1.1-2023.1.12 M.Cap/Vol
10%
GT 0.4
4% 3%
-5%-2% KCS 0.4
HT 0.8
-12%
OKB 1.1
BNB 1.9
-34% -37%
CRO 2.3
-44% -43% LEO 13.5
-48% -48%
-50%
-52%
-54%
-56% -58% Higher M.Cap/Vol indicates a
-62% -61% higher valuation.
-62%
-64%
-66% -67%
-69%
-74%
-75%
The ratio of HT, DYDX, KCS,
-78% and GT was <1, showing they
-82%
-86%
-83% could be undervalued. The
-87% -86%
-88% -89%
-90% ratio of CRO, BNB, and OKB
-97%
was >1, while LEO was at the
-98%
-100% bottom of the table with a
FTT CRO WRX BTR ASD BMX KCS ETH BTC MX GT BNB HT CET OKB LEO ratio of 13.5.
Source: tokeninsight.com, 2023.01.12
Decentralized Exchange Tokens Performance
All tokens of decentralized exchanges dropped >50% except for GMX, which almost doubled
2022.1.1-2023.1.1 2022.1.1-2023.1.13 M.Cap/Vol
120%
DYDX 0.4
100% DODO 1.6
JOE 1.8
80% BSW 2.7
CAKE 4.5
60% UNI 4.9
108%
91%
CRV 5.5
40% GMX 6.0
SUSHI 6.7
20% OSMO 25.8
0%

-20% Please note that DYDX utilizes an off-chain

orderbook and matching engine with on-
-73%-70% -69%-64%
-40%
-90%-87% -90%-88% -89%-87% -89%-87% -86%-83% -84%-82% chain settlement, so it is not considered a
-94%-92%
fully-decentralized exchange. OSMO is a
-60% Cosmos app chain with its own validators, so
it is different from the other players that are
-80%
DApps (smart contracts) deployed on layer 1
-100% blockchains.
JOE CRV SUSHI OSMO DODO DYDX BSW CAKE UNI GMX
Source: tokeninsight.com, 2023.01.13
Note: Trading Volume here of Uniswap was the sum of V2 and V3 on Ethereum.
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