Crypto exchange Coincall enters the top five global crypto options exchanges by trading volume

Crypto exchange Coincall has officially entered the top five global crypto options exchanges by trading volume, marking a major milestone just 18 months after its founding.

Crypto exchange Coincall has officially entered the top five global crypto options exchanges by trading volume, a major milestone just 18 months after its founding.

The exchange’s rapid ascent into the elite tier of the crypto derivatives market is linked to a successful Q1 strategy that included high-impact marketing campaigns and new product rollouts, in collaboration with notable crypto partners such as SignalPlus, DWF and Big Candle Capital.

The exchange’s performance is also being closely monitored by institutional investors, given the rapid shifts in market share that have unfolded in the past quarter.

According to internal data and third-party analytics, Coincall captured an average market share of 5.43% between March 8-17, 2025, with a notable peak at 10.15% on March 15.

The exchange also saw strong volume days with 9.78% share on March 8 and 6.64% on March 16, signaling rising momentum and growing competitiveness in the global crypto options landscape.

Coincall’s comparative market share and growth trajectory make it the youngest exchange ever to break into the top five, and potentially one of the most viable candidates for acquisition or institutional partnership among rising players.

As attention shifts from mature giants to agile challengers, Coincall has positioned itself at the center of that conversation, growing into almost the same market share as industry giant ByBit.

Youngest in the top five – and fastest rising

Coincall's breakout is notable not just for its velocity, but for the company’s relative youth.

Founded in late 2023, Coincall now ranks among the top exchanges in the space, with it currently 9-10% the size of Deribit.

The exchange’s risings are closely linked to the rapid decline of BlockOption and Delta Exchange, both of which fell out of the top five in Q1 2025.

Coincall’s narrative is also closely tied to the broader trends in crypto liquidity and user behavior, which saw a shift away from spot markets and towards derivatives.

Coincall’s latest innovation, EWYT (earn while you trade), is designed to eliminate the traditional tradeoff between yield farming and active trading.

With EWYT, users can:

The feature enables users to earn yield on idle capital without forgoing trading activity, offering an alternative approach to capital utilization.

Users can explore the product here.

Macro momentum – Crypto infrastructure is back

Coincall’s rise reflects broader tailwinds in crypto infrastructure.

According to PitchBook, $11.5 billion in venture capital was invested into crypto and blockchain startups in 2024 across 2,153 deals – a strong rebound after the prior bear cycle.

Most of the activity was concentrated in the U.S., which saw $9.4 billion in total investments. Meanwhile, China saw $6.4 billion in 2024, a significant increase from $1.4 billion in 2023.

Insiders say that a slowdown in macroeconomic growth and rising interest rates have spurred greater interest in crypto startups from institutional investors.

“There is an overarching narrative that we are moving into a slower growth environment, and that narrative tends to favor capital gains over revenue multiple,” said one insider.

“Insiders say that narrative shift, coupled with the strong performance of the U.S. startup ecosystem in 2024, largely drove more attention and capital towards the U.S. crypto scene.”