Cryptocurrency derivatives trading volume hit $85.7 trillion in 2025, with Binance leading at $25.09 trillion, followed by OKX, Bybit, and Bitget. Institutional pathways expanded, driving a rise for CME in Bitcoin futures. Derivatives grew in complexity, with global open interest reaching $145.1 billion at year-end after a sharp reset in early Q4.

In October, a liquidation shock saw forced liquidations of about $150 billion in 2025, with a big chunk occurring on Oct. 10 and 11 totaling over $19 billion. Most liquidations were from traders betting on higher prices. The crash was linked to Trump’s 100% tariffs on Chinese imports, pushing markets into “risk-off.”

Read more at Cointelegraph: Crypto Derivatives Hit $86T in 2025 as Binance Dominates Volume