According to an official statement from Coinmarketcap, the most popular crypto statistics provider worldwide, the new ranking is valid for spot exchanges only. A special page with derivatives trading platforms will be launched soon.
Derivatives platforms concerned
Today, on June 8th, 2020, some cryptocurrency derivatives platforms were surprised by their positions in the new Coinmarketcap rankings. For example, world-leading platform BitMEX was ranked #175 while its close competitors ByBit and Deribit were 177th and 179th respectively.
The Deribit team even commented on this ranking with an acerbic tweet that highlighted the misleading nature of new algorithms.
In contrast, some exchanges from the Top-20 report only $3M in daily trading volume. The Binance crypto exchange ecosystem that recently acquired Coinmarketcap, is the undisputed champion with brilliant metrics.
This fact made many inhabitants of Crypto Twitter treat the new ranking mechanisms ironically.
Don't criticize CoinMarketCap so fast
Amidst these concerns, CoinMarketCap released a public statement that highlights that the new ranking should be applied to spot cryptocurrency exchanges only. Contracts trading platforms will be ranked on a special web-page soon.
[Update as of Jun 8: Please be reminded that the exchange ranking algorithm change below applies for spot market pairs and exchanges only. A separate page for derivative exchanges will be available in the near future.]
Previously, exchanges were ranked by 24-hour trading volume (by default). So, the exchanges involved in 'wash trading' could report fake volumes to get the highest positions in CoinMarketCap rankings.
In May 2020, the CMC team started rolling out a new ranking mechanism based on integral metrics - Web Traffic Factor, Confidence Indicator, Average Liquidity Indicator and others.
Such metrics collect data from multiple sources and process it in order to produce legitimate results only. So, with the complete implementation of new technics, the CMC rankings will be transparent and unbiased.