**Market Dynamics in Crypto Derivatives: A Comparative Analysis**

A comparative analysis of the crypto derivatives market between November 2023 and July 2024 reveals significant shifts in market dynamics. Deribit, historically dominant in options trading, saw its market share decrease from 90% to 82%, before slightly recovering to 83%. Meanwhile, Binance's share increased from 3% to 10%, indicating a strategic pivot towards options trading. OKEx experienced minor fluctuations, stabilizing around 7-8%.

The data indicates a notable increase in perpetual (Perp) trading volumes, while spot volumes declined. This shift is attributed to the rising influence of CME and ETFs, prompting exchanges like Binance to diversify their offerings. Such trends suggest a more competitive and evolving market landscape, with potential for growth and innovation.