CoinGecko’s Q3 2026 report shows weaker crypto spot turnover at top crypto exchanges alongside recovering valuations and rising dollar perpetual open interest.
Crypto’s third-quarter rebound in 2026 came with weaker spot trading at major centralized exchanges, even as the dollar value of open perpetual futures positions expanded, according to data provider CoinGecko’s quarterly report.
Total crypto market capitalization gained 39.6% during July through September, finishing at about $2.96 trillion after ending the second quarter near $2.1 trillion. Yet the report’s top-10 spot exchanges handled $1.65 trillion in quarterly turnover, down 14.2% from $1.93 trillion in the second quarter.
Meanwhile, dollar open interest at its top-10 perpetual exchanges rose 40.6% over the third quarter and closed September above $100 billion. Recovering valuations were accompanied by less spot turnover and a larger dollar value of outstanding derivatives contracts.
Binance’s share of the tracked spot market rose from 38.7% in the second quarter to 42.7% in the third quarter as the cohort’s overall turnover contracted. On the perpetual side, KuCoin and Deribit recorded falling open interest despite the aggregate increase.
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Open interest captures contracts that remain open at a particular time. 65 trillion figure covers three months of trading, while the above-$100 billion figure describes exposure remaining at quarter end.
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