#Gate衍生品份额增幅全球第一 CoinDesk September report: Gate’s derivatives trading volume reached $396.4 billion (+38.2% month-on-month), surpassing Byb to rank third globally, with a 10.1% market share (the largest increase among top global exchanges); its 9.1% share of RWA perpetual contracts also ranked among the top three. The data looks impressive, but as an eight-year user, let me be blunt: trading volume is the “result,” not the “cause”—whether an exchange can continuously attract traders depends on liquidity, experience, and innovation. They are not an “either-or” choice, but a “three-part combo”: liquidity determines whether users dare to come, experience determines whether they are willing to stay, and innovation determines whether they will come back.

First move: Liquidity—the admission ticket for whether users “dare to come” 💧
Retail traders watch the order book; major traders watch depth. Whether your order can be filled instantly, whether slippage is severe during a wick, and whether perpetual contract coverage is comprehensive enough—these are the “foundation” of an exchange. Gate’s top ranking in share growth this time comes precisely from “liquidity chasing users”: it ranks first in the industry by the number of perpetual contracts covered, while its RWA perpetual contract share reached 9.1%, ranking among the top three—there must first be a pool before there can be fish.

Second move: Trading experience—the key to whether users are “willing to stay”
Even with the best market conditions, one lag spike or one extra second in order matching is enough to drive people away. My real experience: gas-free trading, one-click copy trading, and a smooth order book—these “unnoticeable” features are what retain users. On an exchange with a good experience, users are “too lazy to leave”; on one with a poor experience, users are “waiting for a chance to leave.”

Third move: Innovative products—the hook for whether users “will come back”
Why have longtime users like me stayed for eight years? Because Gate keeps developing new things: Launchpool, Idle Money/Coin Savings wealth management, Polymarket predictions, and Gate Money, which puts crypto, stocks, gold, and banking into one account… When an exchange has “the next new thing,” users have “a reason to come back.” The growth in derivatives this time also reflects the impact of innovative products.

My ranking (personal opinion): Liquidity > experience > innovation—because liquidity is the “1,” while experience and innovation are the subsequent “0s”: without deep liquidity, even the best features are merely decorative; but with liquidity alone and without the latter two, you cannot retain “smart money.”

Ranking third in trading volume is a “report card,” but traders’ loyalties are “fluid”—Gate has proven this time that it can “put up a fight”; the next step is to see whether it can “retain users.” As a longtime user, my vote is: continue strengthening the “liquidity + experience + innovation” trio, and the rankings will naturally follow.

Which point do you value most? Let’s discuss in the comments 👇