Telefonica won the first leg of the Volvo ocean race from Spain to South Africa on Saturday.
The Spanish team crossed the finish in Cape Town after 6500 nautical miles and 21 days five hours, 14 minutes and 25 seconds.
Team New Zealand entry Camper is around 200 nautical miles behind.
The only other remaining boat, Groupama of France, is another 825 nautical miles behind and is expected to arrive on Tuesday.
Abu Dhabi, Team Sanya and PUMA were all forced to retire from the first leg.
The race began in Spain on 5 November. Leg two to Abu Dhabi starts on 11 December.
Telefonica finished third in the last race in 2008-09.