$86 trillion annually, Binance 30%
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CoinGlass reported that approximately 29.3% of global derivatives trading occurred on Binance. Binance's annual cumulative trading volume was estimated at approximately $25 trillion, followed by OKX, Bybit, and Bitget, with annual volumes ranging from $8 trillion to $11 trillion, respectively. These four exchanges accounted for approximately 62% of the total derivatives market share.
The report analyzed that the expansion of institutional investment channels has driven structural changes in the market. The growth of spot exchange-traded funds (ETFs), options, and regulated futures products has supported the expansion of the derivatives portfolio at the Chicago Mercantile Exchange (CME). CME has already surpassed Binance in some trading metrics in the Bitcoin (BTC) futures market and has further consolidated its open interest base this year.
However, increased market complexity has also increased risks. Global cryptocurrency derivatives open interest in 2025 fell to approximately $87 billion following deleveraging in the first quarter, but then surged to approximately $235 billion in mid-October. Volatility increased in early Q4, with approximately $70 billion worth of positions liquidated during a rapid reset.
CoinGlass identified early October as the biggest stress test of the year. Forced liquidations exceeded $19 billion on October 10th and 11th, with over 85% of these liquidations coming from long positions betting on a rise. The report attributed this sharp fluctuation to the rapid spread of risk aversion following US President Donald Trump's announcement of 100% tariffs on Chinese imports.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
