Key Insights:
- CoinGlass’ annual report, in its derivatives crypto news, noted that futures trading soared to $86 trillion in 2025.
- The report went on to highlight that per-day transactions on crypto derivatives markets averaged at $265 billion.
- Binance, OKX, and Bybit emerged as the top players in derivatives trading.
- The Chicago Mercantile Exchange (CME) solidified its role as the global center for cryptocurrency pricing and risk transfer.
As per the latest crypto news report by CoinGlass, cryptocurrency derivatives trading reached $86 trillion in 2025, averaging $265 billion per day.
Binance led the market, trading nearly $25.1 trillion in derivatives. That’s almost 30% of all global activity, indicating one in three dollars traded went through the exchange.
OKX, Bybit, and Bitget followed, each taking a sizable slice of the market. CoinGlass highlighted how a handful of exchanges now dominate crypto derivatives trading. The report also highlighted that institutional access expanded through spot ETFs, options, and regulated futures.
Crypto News: Derivatives Market Became More Sophisticated in 2025
In its annual crypto news report, CoinGlass shared that derivatives became more complex in 2025. The market transitioned from retail-driven, high-leverage cycles to a mix of institutional hedging, basis trading, and ETFs.
This evolution brought new risks. Deeper leverage chains and more interconnected positions increased exposure to extreme events.
The report highlighted that these events tested existing systems, such as margin mechanisms, liquidation rules, and cross-platform risk transmission, on an unprecedented scale.
Meanwhile, the crypto derivatives news section of the report also spotlighted that global crypto derivatives open interest dropped to a yearly low of around $87 billion after a wave of deleveraging in the first quarter. It then climbed steadily, reaching a record $235.9 billion on October 7.
Early in the fourth quarter, a sudden reset wiped out more than $70 billion in positions, about one-third of total open interest. Despite this sharp shakeout, year-end open interest closed at $145.1 billion. That represented a 17% increase from the start of the year.
Crypto Derivatives News: Liquidation Shock in October Uncovered Major Risk Flaws
The largest stress test of the year occurred in early October. CoinGlass estimated that total forced liquidations in 2025 reached around $150 billion. A significant portion of this occurred on October 10 and 11, when liquidations exceeded $19 billion.
Most of the losses hit traders holding long positions. Of the total liquidations, roughly 85% and 90% came from bets on rising prices. It shows how quickly market sentiment was shifting.
The report also noted that the fiscal year of 2025 proved to be a pivotal year for digital assets. The Chicago Mercantile Exchange solidified its role as the global center for cryptocurrency pricing and risk transfer in 2025. As such, this reshaped how institutions approach digital asset markets.
Meanwhile, 2024 introduced institutional access through spot ETFs. 2025 deepened the exchange-traded derivatives market.
Institutional capital shifted from passive allocation to active management using sophisticated derivatives strategies. This change reshaped the liquidity gap between regulated exchange-traded markets and unregulated offshore markets.
The most significant innovation of 2025 was the launch of Spot-Quoted Futures, known as QBTC and QETH. Unlike traditional futures, these contracts closely track spot prices through specialized settlement mechanisms, reducing basis risk and roll costs.
Another key development was the introduction of real-time data for the CME BTC Volatility Index (BVX). This sets the stage for tradable volatility futures in 2026. For the first time, institutional investors could directly hedge unknown risks without relying on complex option simulations.