Crypto Derivatives To Reach $85.7 Trillion By 2025 As Binance Tightens Its Grip On The Market

Binance, OKX, Bybit and Bitget together control more than 60% of the total derivatives trading volume.

Centralized exchanges (CEXs) dominated global crypto derivatives activity throughout the year as total trading volume was approximately $85.7 trillion and average daily turnover was approximately $264.5 billion. Trading followed a ‘low start, high finish’ pattern, amid tight macro liquidity early in the year and stronger risk appetite later.

CoinGlass said the global derivatives market “has hardened into a stratified oligopolistic landscape.”

Trade crypto derivatives in 2025

According to CoinGlass’ Crypto Derivatives Market Annual Report 2025, derivatives continued to serve as the main platform for price discovery and risk management, with peak activity recorded on October 10, when volume rose to approximately $748 billion in a single day.

The market share remained highly concentrated. Binance led by a wide margin, accounting for more than 29% of global derivatives volume, or $25.09 trillion for the year. OKX, Bybit and Bitget followed suit and, together with Binance, controlled more than 62% of the total volume.

Outside the top tier, there was a sharp decline as long-tail exchanges held marginal holdings and weaker liquidity. Open Interest (OI) also showed extreme fluctuations. After heavy deleveraging in the first quarter pushed OI to a record low of $87 billion, debt levels recovered quickly, peaking at a record $235.9 billion in early October before suddenly dropping $70 billion in the fourth quarter.

Nevertheless, CoinGlass found that OI was still up 17% at the end of the year compared to the beginning of the year. Binance once again led in leverage concentration, as it controlled approximately 28% of the daily average OI, while the top five exchanges controlled more than 80% in total.

Liquidity, custody and risk

Liquidity depth data further confirmed this dominance. The depth of Binance’s BTC order book was far greater than that of peers, with OKX ranking a distant but clear second, especially for institutional-sized trades. The custody of user assets turned out to be even more concentrated.

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Binance owned more than 72% of the assets held, with an HHI score of 5,352, indicating an extreme oligopoly. OKX ranked second, while the remaining platforms shared a much smaller pool.

By 2025, liquidations reached nearly $150 billion, largely routine, but systemic stress was concentrated in the period from October 10 to 11, when combined liquidations exceeded $19 billion in a single day following a major macro shock related to new US tariffs on China. High leverage, crowded long positions and tense liquidation and ADL mechanisms amplified volatility, especially in altcoins.

While BTC and ETH saw moderate price declines, many smaller assets collapsed.