The trading volume of cryptocurrency derivatives is projected to reach $85.7 trillion by 2025, with Binance accounting for nearly 30%.

According to a report released by CoinGlass, as reported by Odaily Planet Daily, the trading volume of cryptocurrency derivatives will reach approximately $85.7 trillion in 2025, with an average daily trading volume of approximately $264.5 billion.

Binance leads the market with a cumulative derivatives trading volume of approximately $25.09 trillion, accounting for 29.3% of global trading volume. OKX, Bybit, and Bitget follow closely behind, with annual trading volumes ranging from $8.2 trillion to $10.8 trillion. These four exchanges collectively account for approximately 62.3% of the market share.

The report shows that in 2025, the derivatives market shifted from a retail-dominated, highly leveraged model to institutional hedging, basis trading, and ETFs. Nevertheless, the deepening leverage chain increased tail risk. Global cryptocurrency derivatives holdings fell to an annual low of approximately $87 billion in the first quarter of 2025 after deleveraging, before reaching a record high of $235.9 billion on October 7th.

The flash deleveraging at the beginning of the fourth quarter wiped out over $70 billion in positions, roughly one-third of total positions. By the end of the year, positions stood at $145.1 billion, a 17% increase from the beginning of the year. Total forced liquidations in 2025 are projected at approximately $150 billion, with over $19 billion liquidated between October 10th and 11th, representing 85% to 90% of the liquidations from long positions. (Cointelegraph)