Crypto Derivatives Volume Explodes to $86T in 2025, Averaging $265B Per Day

• Crypto derivatives hit ~$86T in 2025
• Average daily volume reached ~$265B
• Binance captured ~30% of global market share
• Top 4 exchanges controlled over 62% of volume
• Institutional activity reshaped derivatives markets
• October liquidation shock exposed systemic risks

Crypto derivatives trading surged to nearly $85.7 trillion in 2025, averaging about $264.5 billion per day, according to a new report from CoinGlass. The data highlights how derivatives have become the dominant force in crypto market structure, far outpacing spot trading activity.

Binance once again led the market, posting $25.09 trillion in cumulative derivatives volume — roughly 29.3% of global trading. In simple terms, almost $30 out of every $100 traded in crypto derivatives flowed through Binance.

OKX, Bybit and Bitget followed closely, each recording between $8.2T and $10.8T in annual volume. Combined, these four exchanges accounted for 62.3% of total global derivatives trading.

Institutions Push Derivatives to a New Phase

CoinGlass pointed to expanding institutional access as a key driver of growth. Spot Bitcoin ETFs, options markets and regulated futures products helped cement the role of institutions in derivatives trading.

This shift particularly benefited the Chicago Mercantile Exchange (CME), which had already overtaken Binance in Bitcoin futures open interest in 2024 and further strengthened its position throughout 2025.

Rather than being dominated by retail traders chasing high leverage, the market increasingly reflected institutional hedging strategies, basis trading and ETF-related flows.

With growth came complexity. CoinGlass noted that deeper leverage chains and interconnected positions introduced higher tail risks across platforms.

“Extreme events that erupted during 2025 imposed stress tests of unprecedented scale,” the report said, highlighting weaknesses in margin systems, liquidation mechanics and cross-platform risk transmission.

After heavy deleveraging in Q1, global derivatives open interest fell to a yearly low of around $87 billion, before rebounding sharply. It peaked at a record $235.9 billion on Oct. 7.

October’s Liquidation Shock

The most severe stress test came in early October. CoinGlass estimates that total forced liquidations reached $150 billion in 2025, with a significant portion occurring on Oct. 10–11, when liquidations exceeded $19 billion in just two days.

Around 85%–90% of liquidations were long positions, as traders betting on higher prices were wiped out during a sudden market reversal.

The trigger was linked to US President Donald Trump’s announcement of 100% tariffs on Chinese imports, which pushed global markets into a sharp “risk-off” move.

A flash deleveraging event in early Q4 erased over $70 billion — roughly one-third of total open interest — but the market stabilized. By year-end, open interest stood at $145.1 billion, still marking a 17% increase from the start of the year.

The data suggests that while crypto derivatives are becoming more institutional, liquid and complex, they are also increasingly exposed to macro shocks — making risk management and infrastructure more critical than ever.