Exchange Dominance — Rotation Over Time
Long-term derivatives volume dominance per exchange, highlighting the rotation of market leadership. Useful for identifying secular venue shifts driven by liquidity, regulation, or product innovation.
What is it?
Cross-family Performance composite metric simultaneously aggregating three per-exchange dominance dimensions: OI share, funding share, and liquidations share, over an annual rolling window. Enables visualising venue market rotations on a multi-dimensional indication rather than isolated. Formula per exchange and dimension: OI_share_i = OI_i / Σ OI; funding_share_i = |funding_i × OI_i| / Σ |funding × OI|; liq_share_i = liquidations_i / Σ liquidations. The main view is multi-line showing OI dominance evolution of Top 7 exchanges over annual (consistent with snapshot dominance chart #4 but temporal). A 'Heatmap' toggle switches to an alternative view 3 rows (OI / Funding / Liq) × 7 columns exchanges = 21 coloured cells displaying current state on 3 dimensions simultaneously. Coinalyze multi-endpoint source, 24h Postgres cache.
How to read
Default stacked view: percentage Y-axis 0-100% (OI dominance), daily X-axis, per-exchange lines with a persistent Top 7 palette. The sum at each date totals 100% modulo the aggregated 'Others' venues. The cross-layer cumulative reading (OI + funding + liquidations) is performed by crossing with the dedicated charts: an exchange gaining in OI while keeping a stable funding share and low liquidations share reflects institutional stabilisation; an exchange gaining on all three axes simultaneously reflects real structural expansion (Hyperliquid post-2024-TGE case). The hover tooltip displays precise values per exchange and per date.
Key zones
Typical observed rotation patterns: (1) concordant 3-dimensions rotation — an exchange simultaneously gains +5pp OI share + +5pp funding share + +5pp liq share over 90 days, sign of real structural expansion (Hyperliquid post-November-2024 TGE case); (2) OI vs liquidations divergence — an exchange gains in OI but sees its liquidations share decline, institutional stabilisation indication (Coinbase Derivatives post-spot-ETF); (3) concordant 3-dimensions erosion — an exchange loses on the 3 axes simultaneously, structural decline indication (Binance slow erosion case post-SEC pressures); (4) funding vs OI divergence — an exchange has a lot of OI but low funding share, sign of stable long-term positions (institutional) rather than active trading. The 3D institutional reading of this metric is more robust than isolated single-dimension reading.
What to observe
Performance trader alpha patterns: (1) 3-dimensions concordant confirmation — an exchange seeing its 3 shares rise > +5pp over 30 days = real venue shift indication (vs isolated hype on OI only), user-configurable Discord/email Performance alert; (2) funding vs OI divergence on an exchange — diagnoses dominant trader type (stable institutional vs speculative retail); (3) current heatmap divergent from multi-line trend — if Hyperliquid is OI multi-line up but current funding cell red, indication of OI expansion driven by accumulated positions vs weak active trading; (4) event-driven regime-shift — annotate on chart historical events (November 2022 FTX, 2023 Binance SEC, November 2024 Hyperliquid TGE, December 2023 Coinbase Derivatives launch) and observe how each event durably modified the market 3D structure.
Historical context
Perpetual market structural evolution observed via this 3D metric across modern cycles: BitMEX-then-Binance era (Binance dominant on 3 dimensions OI/funding/liq, single point of failure high 3D HHI), November 2022 FTX collapse (FTX vanishes brutally, shares redistributed mostly to Binance + Bybit/OKX secondarily), post-rebound crushing-Binance era (3D HHI at historical highest), June 2023 SEC pressures on Binance + Bybit/OKX rise (gradual leader erosion on 3 dimensions), January 2024 post-spot-ETF Coinbase Derivatives launch (appearance of new US regulated exchange capturing 5-8% on 3 dimensions), November 2024 Hyperliquid TGE (visible structural CEX→DEX shift, +5-10pp on 3 dimensions in 90 days), contemporary phase of mature deconcentrated market (3D HHI in a historically low zone).
Expert notes
The 3D composite is one of the most powerful Performance metrics for anticipating perpetual market structural venue shifts — a concordant confirmation on 3 dimensions typically has historical reliability around 80-90% for > 6-month venue shifts. For exhaustive cross-layer Trinity reading, systematically cross-reference with: (1) TDOI Trinity Derivatives Overheat Index (Layer B 0-100 meta-composite macro derivatives regime); (2) Sovereign Reserves on-chain (Macro Intelligence) — USD/EUR/JPY geographic concentration; (3) 4Y cycle position. This Performance tier metric carries user-configurable Discord/email alert: rotation threshold > +5pp on 3 concordant dimensions in 30 days triggers notification. This alert is complementary to TLOI/TFPI alerts (Layer B) capturing intraday/short-term regimes.
Common mistakes to avoid
Common mistake: trading based on a single dimension (e.g. OI only) without checking concordance with the other 2. NO — an exchange gaining only in OI but losing in funding and liq may represent stable institutional accumulation (long-term positions without active trading), not necessarily an aggressive venue shift indication. Always look at the 3 dimensions together. Another trap: interpreting heatmap snapshot as the trend — the snapshot is an instantaneous photo, not a derivative. For the trend, look at multi-line 30/90/annual. Finally, don't forget this metric captures only the 7 major CEX venues covered by Coinalyze — for an exhaustive view including DEX-native, cross-reference with Layer D charts (Hyperliquid Whale Tracker; aggregated multi-DEX coverage scheduled V1.1).
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-exchange-dominance-rotation/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-exchange-dominance-rotation",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.