The trading volume of cryptocurrency derivatives skyrocketed to nearly $85.7 trillion in 2025, averaging around $264.5 billion per day, as reported by liquidation data provider CoinGlass.
Leading the market was Binance, which reported a cumulative derivatives volume of approximately $25.09 trillion, representing about 29.3% of the global trading volume. This indicates that nearly $30 of every $100 traded occurred on this platform, according to CoinGlass report.
Following Binance were OKX, Bybit, and Bitget, each recording yearly volumes between $8.2 trillion and $10.8 trillion. Together, these four exchanges comprised roughly 62.3% of the total market share.
CoinGlass noted that the expansion of institutional pathways through spot exchange-traded funds (ETFs), options, and compliant futures facilitated the growth of the Chicago Mercantile Exchange (CME). By 2024, CME had already surpassed Binance in Bitcoin (BTC) futures open interest and solidified its position in 2025.
Related: Bitcoin Spot vs. Derivatives Trading: Understanding the Differences
Complexity of Derivatives Increases
According to CoinGlass, the derivatives market became increasingly complex in 2025. It shifted from a retail-driven, high-leverage speculative model towards a more nuanced approach involving institutional hedging, basis trading, and ETFs.
This transition, however, came with heightened risks, as convoluted leverage chains and interconnected positions amplified “tail risks.”
The report detailed that “extreme events throughout 2025 put unprecedented strain on existing margin systems, liquidation protocols, and cross-platform risk-sharing mechanisms.”
At the start of the year, global crypto derivatives open interest experienced a low of approximately $87 billion after a round of deleveraging in Q1. However, it rebounded to a peak of $235.9 billion by October 7.
A sudden decline in early Q4 led to a significant liquidation of over $70 billion in positions, amounting to around one-third of total open interest in a swift deleveraging event. Despite this, the year-end open interest of $145.1 billion represented a 17% increase compared to the beginning of the year.
Related: Bitcoin Ready for Gains Following Record $24 Billion Options Expiry
October’s Liquidation Shock Exposed Systemic Vulnerabilities
The most significant stress test of the year occurred in early October when CoinGlass estimated total forced liquidations in 2025 reached around $150 billion. A substantial part of this damage transpired on October 10 and 11, when liquidations exceeded $19 billion. The majority of the losses were on the long side, with 85%–90% of liquidations coming from traders anticipating price increases.
CoinGlass attributed the crash to U.S. President Donald Trump’s declaration of 100% tariffs on imports from China, which led the markets to adopt a “risk-off” stance.
Magazine:2026: The Year of Pragmatic Privacy in Crypto — Canton, Zcash, and More
