By 2025, the trading volume of crypto derivatives reached $85.7 trillion, with Binance accounting for 29.3%.

BlockBeats News, December 25th, according to Cointelegraph, CoinGlass released a report stating that the cryptocurrency derivatives trading volume reached $85.7 trillion in 2025, with a daily average volume of about $2.645 trillion.

Binance led the market with a total derivatives trading volume of around $25.09 trillion, accounting for 29.3% of global trading volume. OKX, Bybit, and Bitget followed closely, with annual trading volumes ranging from $8.2 trillion to $10.8 trillion. These four exchanges together held about 62.3% of the market share.

The report shows that by 2025, the derivatives market shifted from a retail-dominated high-leverage model to institutional hedging, basis trading, and ETFs. Nevertheless, the deepening leverage chain has increased the tail risk. In the first quarter of 2025, the global cryptocurrency derivatives open interest dropped to an annual low of around $87 billion after deleveraging, then reached a historic high of $235.9 billion on October 7th.