Crypto Derivatives Hit $86T in 2025 as Binance Dominates Volume

According to a CoinGlass report, cryptocurrency derivatives trading volume soared to nearly $85.7 trillion in 2025, averaging $264.5 billion daily. Binance was the dominant player, accounting for approximately 29.3% of global volume ($25.09 trillion), followed by OKX, Bybit, and Bitget, with these top four exchanges controlling 62.3% of the market. The market structure shifted in 2025, moving from a retail-driven, high-leverage model toward institutional hedging, basis trading, and ETFs, partly driven by expanded institutional pathways like spot ETFs and compliant futures. This increased complexity, however, amplified "tail risks" due to deeper leverage chains. Global crypto derivatives open interest experienced volatility, hitting a low of $87 billion early in the year before peaking at a record $235.9 billion in October. A significant deleveraging event in early Q4 erased over $70 billion in positions. The largest stress test occurred in October following an announcement by US President Donald Trump regarding 100% tariffs on Chinese imports, leading to a risk-off sentiment and estimated total forced liquidations of $150 billion for the year.

(Source：Cointelegraph)