Crypto Derivatives Futures Volume Slips to Late-2023 Low at $2.9T in May

Global crypto derivatives activity cooled in May, with combined futures volume on major exchanges falling to about $2.9 trillion, the weakest level since late 2023. The pullback followed last year's $6 trillion to $7 trillion monthly highs and came alongside softer spot trading, DeFi participation, and onchain usage heading into June. Binance remained the largest venue for futures trading, ahead of OKX, Bybit and Gate.