According to a report from clearing data tracker Coinglass, trading volume in crypto derivatives has soared to about $85.7 trillion in 2025, averaging about $264.5 billion per day.
According to Coinglass, Binance leads the market with approximately $25.09 trillion in cumulative derivatives trading volume, representing approximately 29.3% of global trades, and nearly $30 of every $100 traded is traded on the exchange.
OKX, Bybit, and Bitget followed, with annual trading volume ranging from $8.2 trillion to $10.8 trillion, respectively. These four exchanges accounted for approximately 62.3% of the total market share.
Coinglass said the expansion of institutional channels through spot exchange-traded funds (ETFs), options and compliant futures helped fuel the structural rise in the Chicago Mercantile Exchange (CME). The exchange has already surpassed Binance in Bitcoin (BTC) futures open interest in 2024 and solidified its foothold in 2025.
Binance leads in terms of derivative trading volume. sauce: coin glass
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Derivatives add complexity
Coinglass said that in 2025, derivatives will also become more complex. The market has moved from a retail-driven, highly leveraged boom-and-bust model to a mix of institutional hedging, basis trading, and ETFs.
This change came at a cost. This is because “tail risk” has increased due to deeper leverage chains and more interconnected positioning.
“The extraordinary events that occurred in 2025 imposed stress tests of unprecedented scale on existing margin mechanisms, clearing rules, and cross-platform risk communication channels,” the report said.
Global open interest in crypto derivatives fell to a yearly low of about $87 billion after deleveraging in the first quarter, but then surged through the middle of the year, hitting a record high of $235.9 billion on October 7th.
The sharp reset at the beginning of the fourth quarter wiped out more than $70 billion of positions, about a third of total open interest, in an instant deleveraging event. Even after this review, open interest at the end of the year was $145.1 billion, up 17% from the beginning of the year.
Related: Bitcoin expiry rises after record $24 billion options expiration, lifting 'lid' on BTC price
October's liquidation shock exposed the risks of plumbing work
The biggest stress test of the year was conducted in early October. Coinglass estimates the total amount of forced liquidations in 2025 to be around $150 billion, but the bulk of the damage occurred on October 10th and October 11th, when liquidations exceeded $19 billion. The majority of wipeouts were on the long side, with 85% to 90% of liquidations due to traders betting on high prices.
Total liquidation amount in 2025. Source: CoinGlass
Coinglass linked the selloff to US President Donald Trump's announcement of 100% tariffs on imports from China. This caused the market to go into a “risk-off” state.
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