$86 trillion in 2025: Crypto derivatives break all records

The year 2025 will remain etched in crypto history. With a record volume of $86 trillion in derivatives, this sector has confirmed its central place in the financial ecosystem. A blazing growth, dominant players, and increased risks: here is what to remember.

Crypto derivatives explode to $86 trillion in 2025

The crypto derivatives market reached new heights in 2025. Indeed, the annual volume neared $86 trillion, averaging $265 billion daily. A spectacular rise, driven by institutional adoption and financial innovation. The causes of this explosion are multiple: 

• The arrival of crypto ETFs;
• The popularity of perpetual contracts; 
• The rise of decentralized platforms (DEX). 

Additionally, stress tests also marked the year. In October, for instance, forced liquidations exceeded $19 billion in just 48 hours following the announcement of US tariffs on Chinese imports. This growth comes with risks. The concentration of the crypto market and massive use of leverage expose investors to sharp corrections. A fragile balance between opportunities and dangers.

Binance and CME leading: how 4 exchanges dominate 62% of the crypto market 

Four platforms hold two-thirds of the crypto derivatives market. Binance, with 29.3% market share, processed over $25 trillion in 2025. OKX, Bybit, and Bitget complete this dominant quartet, totaling 62.3% of total volume. This dominance is explained by a diversified offer: perpetual contracts, options, and regulation-compliant products.

Moreover, the Chicago Mercantile Exchange (CME) also solidified its position, surpassing Binance in open interest on Bitcoin futures as early as 2024. However, this concentration raises questions. Nearly 97% of trades occur on unregulated crypto platforms, posing transparency and security challenges. Massive liquidations, like those in October 2025, remind of the market’s inherent volatility.

Bitcoin and Ethereum at the heart of the crypto derivatives storm 

Bitcoin and Ethereum remain the leading assets in crypto derivatives. BTC dominates futures volumes, while ETH benefits from growth in staking-related products and ETFs. In Europe, Ethereum staking deposits jumped 28% in 2025. Speculative altcoins are not left behind. Platforms like dYdX anticipate $3.48 trillion volume for 2025, driven by perpetual contracts.

These products, representing 70% of total volume, attract both institutional traders and individuals. For 2026, projections are mixed. Regulated derivative products are expected to grow, but correction risks remain. Increased regulation could also reshape the landscape, with variable impacts depending on the cryptos.

The explosion of crypto derivatives in 2025 marks a turning point. Between financial innovation and systemic risks, the market must find a balance. The dominance of Binance and CME, coupled with asset volatility, raises a crucial question: are we witnessing the sector’s maturation or a bubble ready to burst?