Reduced trading volume has become a fact, but what truly matters is what has changed in the landscape.

In November, the total CEX trading volume dropped to $7.74 trillion, the largest single-month decline in nearly a year and a half. Both spot and derivatives trading have fallen back to a five-month low. At first glance, the market seems very quiet, but there are interesting things behind the data.

The market share of derivatives at a leading exchange dropped to 35.3%, the lowest since 2020. Over the entire year, market share has been continuously eroded. Meanwhile, Gate became one of the few major exchanges to achieve positive growth in market share this year. In November, its derivatives trading market share was about 10.6%, with open interest at 10.2%, firmly ranking in the top five globally.

The fact that volume can still gain market share indicates this is not a short-term activity built on false prosperity. Liquidity is actively being redistributed, and this is a genuine migration.

For traders involved in derivatives and token rotation, a sense of "security" in an exchange often outweighs its size. Liquidity determines where risk management and trading experience are optimized. Adequate counterparties, minimal slippage, and stable risk control are the core factors.

So my approach is this: main positions will still be held at traditional leading exchanges, but I will gradually shift some derivatives positions to Gate. One reason is to diversify exchange risk; the other is to proactively position for liquidity reallocation. I see Gate as the second main venue for the next cycle, so when the wind turns, I won’t be caught unprepared.