After reading CoinDesk's "Exchange Review April 2026," my impression is that spot trading is cooling down, while contracts and derivatives are beginning to take over the market.


Spot trading volume has fallen to its lowest since November 2023, but funds haven't truly left; they have simply shifted from long-term holding to high-frequency trading.
Many exchanges now rely on spot trading to attract new users, contracts to make profits, and derivatives to retain funds.
Perpetuals, options, ETFs, structured products, and cross-market arbitrage are gradually becoming the main battleground. Because what truly influences market sentiment is no longer who is buying coins, but who is controlling leverage, eating volatility, and providing liquidity.
Gate's contract trading volume has defied the trend, reaching about $355 billion, ranking 4th globally, with a market share of approximately 7.1%.
More importantly, while overall derivative trading volume has decreased by about 9%, Gate has instead grown by approximately 3.6% month-over-month.
Therefore, @Gate has recently been aggressively promoting Perp, TradFi, CrossEx, AI, and multi-asset systems. It’s not necessarily about expanding business but about preemptively shaping the next trading structure.
In the future, exchanges may no longer compete over who has the most coins, but over who can become the global risk pricing venue for capital.
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