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Crypto derivatives volume hits $86T in 2025 as institutional trading accelerates

Written by Heidi Cuthbert Published Dec. 25 2025Last Updated Dec. 25 2025

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Global cryptocurrency derivatives trading surged to nearly $86 trillion in 2025, averaging about $265 billion in daily volume, according to data from CoinGlass.

The figures marked one of the strongest years on record for crypto derivatives despite periodic volatility and sharp deleveraging events.

Binance dominated the market with roughly $25.09 trillion in cumulative derivatives volume during the year.

CoinGlass data showed Binance accounted for approximately 29.3% of global derivatives trading activity.

This meant nearly $30 of every $100 traded in crypto derivatives flowed through the Binance platform.

OKX, Bybit and Bitget ranked behind Binance, each recording between $8.2 trillion and $10.8 trillion in annual derivatives volume.

Together, the four largest exchanges captured about 62.3% of total global derivatives market share.

Analysts said the concentration highlighted the growing influence of major centralised exchanges in shaping liquidity conditions.

CoinGlass reported that institutional access to crypto derivatives expanded significantly through spot exchange-traded funds, options and compliant futures products.

These developments supported the continued rise of the Chicago Mercantile Exchange as a major derivatives venue.

CME had already overtaken Binance in Bitcoin futures open interest in 2024.

The exchange further consolidated its position throughout 2025 as institutional participation increased.

CoinGlass noted that the derivatives market also became more structurally complex during the year.

Trading activity shifted away from a retail-led, high-leverage boom-and-bust cycle.

Instead, markets increasingly reflected institutional hedging strategies, basis trades and ETF-linked activity.

This evolution brought new risks, as deeper leverage chains increased interconnected exposures across platforms.

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

CoinGlass said.

Global crypto derivatives open interest dropped to around $87 billion during first-quarter deleveraging.

Open interest then rebounded sharply through mid-year, reaching a record $235.9 billion on 7 October.

A sudden reset in early fourth quarter wiped out more than $70 billion in open positions.

The flash deleveraging erased roughly one-third of total open interest in a short period.

Despite the reset, year-end open interest stood at $145.1 billion.

CoinGlass said this still represented a 17% increase compared with levels at the start of the year.

The most severe stress test occurred during early October’s liquidation shock.

CoinGlass estimated total forced liquidations across 2025 at approximately $150 billion.

A large portion of those losses occurred on 10 and 11 October, when liquidations exceeded $19 billion.

Between 85% and 90% of liquidations came from long positions.

The sharp sell-off followed US President Donald Trump’s announcement of 100% tariffs on imports from China.

CoinGlass said the policy shock pushed global markets into a risk-off environment.

Analysts warned that rising derivatives complexity could amplify future systemic risks if volatility returns.

At the time of reporting, Bitcoin price was $87,449.12.