In December, a month when the industry generally faced pressure, the competitive landscape of the derivatives market showed significant differentiation. Data indicates that the total market contract trading volume decreased by 26% month-on-month. Amid this sharp contraction, the market share of leading exchanges also experienced dramatic adjustments—Binance derivatives market share dropped to 35.3%, hitting a new low since 2020. In contrast, the emerging platforms defied the trend. Among them, the platform with the fastest growth saw its derivatives market share increase by 8.97 percentage points year-to-date, reaching a level of 10.6%. This phenomenon of rapidly gaining market share in an existing market reflects that even during periods of declining trading volume, there are clear opportunities for market restructuring.