By Amara Osei

Coinbase holds $206,982,953,000 in total assets, about 68% of the combined $305.2 billion held by the 10 cryptocurrency exchanges in SWFI's ranking. The figure is roughly 3.2 times the $64,331,457,172 SWFI lists for Binance Holdings, the No. 2 entry. SWFI, a sovereign wealth fund data tracker, orders exchanges by total assets and gives no reporting date for the figures.

The concentration at the top is stark. Coinbase and Binance Holdings together account for about 89% of the table's combined assets. The other eight exchanges hold roughly $33.9 billion in total — a little over half of Binance Holdings' figure alone.

How steep is the drop after second place?

The decline from No. 2 to No. 3 is severe. Binance Holdings' total is about 6.7 times that of FTX, which ranks third with $9,581,432,152. No exchange below the top two reaches $10 billion.

• No. 3 — FTX: $9,581,432,152
• No. 4 — Bitfinex: $8,232,506,630
• No. 5 — OKEx.com: $5,838,078,852
• No. 6 — KuCoin Exchange: $2,645,182,143
• No. 7 — Crypto.com: $2,364,970,418
• No. 8 — Bybit: $1,890,494,518
• No. 9 — Bittrex: $1,866,217,842
• No. 10 — Deribit: $1,459,876,652

FTX, Bitfinex and OKEx.com together hold about $23.7 billion. The five exchanges ranked No. 6 through No. 10 each show less than $3 billion, within a narrow band spanning about $1.2 billion. The tightest gap anywhere in the table separates Bybit and Bittrex at about $24.3 million. Coinbase's total assets are roughly 142 times Deribit's.

SWFI tags four of the 10 exchanges — Coinbase, FTX, Bitfinex and Bittrex — with a North America label. The tracker does not explain how it assigns these region tags.

What does the ranking reveal about each exchange?

The nine exchanges below Coinbase add up to about $98.2 billion. Coinbase's figure is a little more than twice that combined sum. Coinbase also runs Coinbase Prime, a service combining trading, financing and custody, whose clients can take leveraged long and short positions.

Binance Holdings trails first place by about $142.7 billion but sits about 44 times above Deribit at the bottom. SWFI files it under its Europe label. A Federal Reserve Board discussion paper described Binance as the largest crypto-asset exchange, and noted it issues a major stablecoin and a major crypto-asset, developed a major blockchain, and invested in outside crypto projects through its venture arm, Binance Labs. One of those projects was Terra USD, a stablecoin that collapsed.

FTX's $9.58 billion listing carries no date and no indication of operational status. Investors pulled funds from the exchange in what amounted to a bank run, forcing FTX to halt withdrawals. The exchange had gained wide public recognition through a Super Bowl commercial featuring comedian Larry David, according to ABC News.

Bitfinex, at No. 4, sits about $1.35 billion behind FTX and about $2.39 billion ahead of OKEx.com. Coinbase's total is roughly 25 times Bitfinex's. Users can trade several cryptocurrencies and deposit U.S. dollars into their accounts.

What distinguishes the lower half?

OKEx.com's $3.19 billion lead over KuCoin is the largest dollar gap between any adjacent pair below No. 2 — wider than the entire total assets of any exchange ranked No. 6 through No. 10. CNBC, using the name OKX, reports the exchange was originally established in China and is now based in the Seychelles.

KuCoin carries SWFI's Africa label, shared with OKEx.com. Its total equals about 1.3% of Coinbase's. A U.S. securities filing describes KuCoin operating a mining pool for Proof-of Work-secured assets, including Bitcoin and Bitcoin Cash. Under a verbal agreement with miner SonicHash US, terminable by either side at any time, KuCoin collects a set cryptocurrency reward and pays SonicHash US a Bitcoin portion sized by its share of the pool's computing power.

Crypto.com, the only Asia-labelled entry, runs a retail app and a separate exchange for advanced and institutional traders. Its products span crypto, securities and payment cards, including a prepaid Visa card loaded with cryptocurrency converted to fiat at purchase. Its derivatives unit, Crypto.com Derivatives North America, holds two CFTC registrations: as a designated contract market and as a derivatives clearing organization.

Bybit, tagged Middle East — SWFI's label only, not a headquarters statement — holds about 0.6% of the table's combined assets. Bittrex, at No. 9, also accounts for about 0.6%. Its non-U.S. operations are based in Liechtenstein, where affiliate Bittrex Global GmbH ran a single order book with Bittrex without registering as a national securities exchange, according to the SEC.

Deribit closes the list at $1,459,876,652, about 0.5% of the combined total. SWFI places it, like Binance Holdings, under its Europe label.