Essential Insights
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Market Domination: Binance, OKX, Bybit, and Bitget control over 60% of the global crypto derivatives market, with Binance alone accounting for over 29% of total volume, which was approximately $85.7 trillion in 2025.
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Trading Volume Trends: The year saw a trading volume spike, peaking at $748 billion in a single day, driven by a shift from low liquidity at the year’s start to heightened risk appetite later on.
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Oligopolistic Landscape: The derivatives market has become stratified, with top exchanges retaining significant market shares; Binance’s open interest (OI) peaked at $235.9 billion before a $70 billion drop, demonstrating volatility.
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Concentration of Assets: Binance holds over 72% of custodial assets, reflecting extreme market concentration, while liquidations totaled nearly $150 billion in 2025, with significant stress observed during a major market event in October.
Crypto Derivatives Hit $85.7 Trillion in 2025 as Binance Tightens Its Grip on the Market
The global crypto derivatives market reached an impressive $85.7 trillion in 2025. This surge demonstrates the growing interest among traders and investors. Moreover, average daily trading volume soared to approximately $264.5 billion.
According to CoinGlass, Binance dominated this landscape. The exchange captured over 29% of the market, translating to about $25.09 trillion in trading volume. OKX, Bybit, and Bitget followed closely, collectively controlling more than 62% of total volume. This concentration highlights a trend towards a market oligopoly.
Activity peaked on October 10, when trading volume hit an astounding $748 billion in a single day. Analysts observed that derivatives remained vital for price discovery and risk management. This trend suggests that traders increasingly rely on these tools.
Additionally, open interest (OI) displayed dramatic fluctuations. It plummeted to $87 billion after heavy deleveraging in Q1. However, OI rebounded, peaking at a record $235.9 billion in early October. Despite a subsequent drop, the year-end OI still rose by 17% from January.
Binance maintained its lead in leverage concentration, holding about 28% of daily average OI. Liquidity data confirmed this dominance, with Binance’s BTC order book depth far exceeding competitors. OKX ranked second, especially for larger institutional trades.
User asset custody revealed a similar trend. Binance controlled over 72% of custodial assets, indicating significant market concentration. Such figures suggest that investors favor larger, more established exchanges for security and reliability.
Liquidations in 2025 approached $150 billion, primarily driven by routine activity. However, systemic stress emerged during the October 10 event, when liquidations exceeded $19 billion due to a macro shock linked to new U.S. tariffs on China. High leverage and crowded positions amplified market volatility, particularly affecting smaller assets.
In this rapidly evolving landscape, innovations in technology continue to shape the crypto market. As major players like Binance solidify their positions, they contribute to a more structured and robust market environment. Indeed, this consolidation may foster greater trust and security among participants, thus encouraging further technological development.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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