Global crypto derivatives trading surged to nearly $86 trillion in 2025, averaging around $265 billion per day, according to data published by CoinGlass. The figures highlight the growing scale and institutionalization of the derivatives market, with major exchanges consolidating their dominance.
Binance dominates global derivatives trading
Binance emerged as the clear market leader, posting approximately $25.1 trillion in cumulative derivatives volume, equivalent to 29.3% of global trading activity. In practical terms, nearly $30 out of every $100 traded in crypto derivatives flowed through Binance during the year.
Other major venues followed at a distance. OKX, Bybit, and Bitget each recorded between $8.2 trillion and $10.8 trillion in annual derivatives volume. Together, these four exchanges accounted for roughly 62% of total global market share, underscoring the concentration of liquidity among a handful of platforms.
Institutional channels reshape the market
CoinGlass noted that institutional access points continued to expand in 2025, supported by the growth of spot ETFs, options products, and regulated futures. This shift helped drive a structural rise in activity on the Chicago Mercantile Exchange, which had already overtaken Binance in Bitcoin futures open interest in 2024 and further strengthened its position throughout 2025.
Derivatives grow more complex
The report highlighted a clear evolution in market structure. Crypto derivatives trading moved away from a retail-driven, high-leverage boom-and-bust cycle toward a more complex mix of institutional hedging strategies, basis trades, and ETF-related activity.
However, this sophistication came with higher systemic risk. CoinGlass warned that deeper leverage chains and increasingly interconnected positions amplified tail risks across platforms.
According to the report, extreme market events in 2025 placed unprecedented stress on margin systems, liquidation rules, and cross-platform risk transmission mechanisms.
Open interest volatility and major deleveraging
Global crypto derivatives open interest dropped to a yearly low of about $87 billion following deleveraging in the first quarter. It then rebounded sharply through mid-year, reaching a record $235.9 billion on October 7.
That surge was followed by a sudden reset in early Q4, when more than $70 billion in positions—around one-third of total open interest—were wiped out in a rapid deleveraging event. Despite the shakeout, year-end open interest still stood at $145.1 billion, representing a 17% increase from the start of the year.
October liquidation shock exposes systemic risks
The most severe stress test of the year occurred in early October. CoinGlass estimated total forced liquidations in 2025 at roughly $150 billion, with a significant portion concentrated on October 10 and 11, when liquidations exceeded $19 billion.
The majority of losses came from long positions, with 85% to 90% of liquidations tied to traders betting on rising prices. CoinGlass linked the sharp sell-off to comments by Donald Trump announcing 100% tariffs on Chinese imports, a move that triggered a sudden shift toward risk-off positioning across global markets.
