2025 crypto derivatives volume reaches $85.7 trillion, Binance holds 29.3%

Crypto derivatives trading volume rose to $85.7 trillion in 2025, with average daily activity of about $264.5 billion, CoinGlass data cited by Cointelegraph on Dec. 25 show. Binance led with roughly $25.09 trillion in cumulative derivatives volume, representing 29.3% of global trading, while OKX, Bybit and Bitget followed with annual volumes ranging between $8.2 trillion and $10.8 trillion; those four venues accounted for about 62.3% of the market. The report said the 2025 derivatives market shifted from a retail-driven high-leverage model toward institutional strategies such as hedging, basis trades and ETFs, while deeper leverage chains increased tail risk. Global crypto derivatives open interest fell to an annual low of approximately $87 billion after first-quarter de-leveraging, then reached a record $235.9 billion on Oct. 7.