ChainCatcher reports that according to CoinGlass, the trading volume of cryptocurrency derivatives reached approximately $85.7 trillion in 2025, with a daily average of about $264.5 billion. Binance led the market with a cumulative 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 collectively held approximately 62.3% of the market share.
The report indicates that in 2025, the derivatives market shifted from a retail-driven, high-leverage model to institutional hedging, basis trading, and ETFs. Nonetheless, the deepening leverage chain increased tail risk. Global cryptocurrency derivatives open interest dropped to an annual low of around $87 billion in the first quarter after deleveraging, then reached a historic high of $235.9 billion on October 7. A flash deleveraging event in early Q4 wiped out over $70 billion in open interest, roughly one-third of the total. By year-end, open interest stood at $145.1 billion, up 17% from the start of the year. Total forced liquidations in 2025 amounted to about $150 billion, with over $19 billion liquidated between October 10 and 11, of which 85% to 90% came from long positions.
