Crypto Derivatives Volume Top $86 Trillion in 2025: Coinglass

In 2025, cryptocurrency derivatives trading volume surged to almost $85.7 trillion, averaging about $264.5 billion a day. According to CoinGlass, top digital asset service provider Binance led the market with approximately $25.09 trillion in cumulative derivatives volume. This is equivalent to about 29.3% of global trading.

Binance Leads Derivatives Trading Volume 

In a recent CoinGlass report, it was revealed that Binance led other exchanges in the $85.7 trillion crypto derivatives trading volume surge. 

While this exchange secured up to $25.09 trillion, OKX, Bybit, and Bitget followed, with each of them posting $8.2 trillion to $10.8 trillion in yearly volume. Altogether, these four exchanges accounted for about 62.3% of the total market share. 

Spot Exchange Traded Funds (ETFs) are an important vehicle through which institutional pathways expanded. 

The others are options and compliant futures, which have contributed to driving a structural rise for the Chicago Mercantile Exchange (CME). CoinGlass noted that derivatives also grew in complexity in 2025. 

Trump’s 100% Tariff Impacts Crypto Market 

CoinGlass also noted that “Extreme events that erupted during 2025 imposed stress tests of unprecedented scale on existing margin mechanisms, liquidation rules, and cross-platform risk transmission pathways.” 

The biggest stress test of the year was seen in early October, with a huge chunk of total forced liquidations happening around this time. 

From the $150 billion, Oct. 10 and Oct. 11 liquidations topped $19 billion, with long traders suffering the most. Notably, the crash was linked to US President Donald Trump’s announcement of 100% tariffs on imports from China, which pushed markets into “risk-off.”

Perpetual Open Interest Jump to 310,000 BTC

Meanwhile, Glassnode data provided insight into a clear pickup in leverage as Bitcoin price tested higher levels earlier this week. 

On Dec. 22, perpetual open interest saw a rise from 304,000 BTC to 310,000 BTC. This was around the time when Bitcoin briefly touched $90,000. At the time of this writing, the flagship cryptocurrency traded at $87,976.41, with a 1.05% rally over the last 24 hours.

The increase in open interest is an indication of fresh positions entering the market and not simple price follow-through. At the same time, the funding rate moved higher, rising from 0.04% to 0.09%, indicating growing demand for long exposure.