Crypto Derivatives Volume Explode To $86t In 2025, Averaging $265b...

Crypto derivatives trading surged to $86 trillion in 2025, averaging $265 billion per day, as Binance captured almost 30% of global volume, CoinGlass reported.

Cryptocurrency derivatives trading volume surged to almost $85.7 trillion in 2025, averaging about $264.5 billion a day, according to a report by liquidation data tracker CoinGlass.

Binance led the market with roughly $25.09 trillion in cumulative derivatives volume, or about 29.3% of global trading, meaning nearly $30 of every $100 traded ran through the exchange, CoinGlass said.

OKX, Bybit and Bitget followed, each posting $8.2 trillion to $10.8 trillion in yearly volume. These four exchanges accounted for about 62.3% of total market share.

CoinGlass said institutional pathways expanded through spot exchange-traded funds (ETFs), options and compliant futures, helping drive a structural rise for Chicago Mercantile Exchange (CME), which had already overtaken Binance in Bitcoin (BTC) futures open interest in 2024 and consolidated its footing in 2025.

Related: Bitcoin spot vs. derivatives trading: What's the difference?

CoinGlass said that derivatives also grew in complexity in 2025. The market moved away from a retail-led, high-leverage boom-and-bust model toward a mix of institutional hedging, basis trading and ETFs.

This shift came with a cost, as deeper leverage chains and more interconnected positioning increased “tail risks.”

“Extreme events that erupted during 2025 imposed stress tests of unprecedented scale on existing margin mechanisms, liquidation rules, and cross-platform risk transmission pathways,” the report said.

Global crypto derivatives open interest sank to a yearly low of about $87 billion after deleveraging in the first quarter, then surged through the middle of the year to a record $235.9 billion on Oct. 7.

Source: CoinTelegraph