Crypto Derivatives Market Surges to $85.7T in 2025: CoinGlass
The year 2025 has been substantial for the crypto derivatives market, marked by explosive growth, increased institutional participation, and a shifting sentiment. Now, derivatives are no longer a niche product, but a fundamental component of the digital asset industry.
In its annual report, CoinGlass revealed this significant surge in crypto derivatives, with its trading volume hitting $85.70 trillion. This surge is driven by the growing demand for hedging and basis trading, as well as increased institutional participation and advancements in on-chain derivatives.
CoinGlass Unveils Key Trends in Crypto Derivatives Market
In 2025, the crypto derivatives market reached a total trading volume of $85.70 trillion, with a daily average of $264.5 billion. Despite a tight macro liquidity environment, the market showed a “low start, high finish, and oscillating upward push.”
According to the CoinGlass report, crypto derivatives have become the primary platform for price formation and risk management, with high-volume trading days and a single-day peak of $748 billion on October 10. The market is highly concentrated, with Binance leading at 29.3% market share and $25.09 trillion in trading volume. OKX, Bybit, and Bitget follow closely, with market shares of 12.5%, 11%, and 9.5%, respectively. Gate ranks fifth with a 6.9% market share, while a significant gap separates it from the next tier of exchanges.
The open interest (OI) of the crypto derivatives market experienced a volatile year, with a low of $87 billion and a high of $235.9 billion in the same year. Despite a sharp drop in Q4, the year-end OI level of $141.1 billion still represented a 17% increase from the beginning of the year. Binance, Bybit, Gate, and Bitget are controlling 73% of the market, with Binance dominating with a 28% market share.
Geopolitics and Macro Events Shape 2025
As noted by CoinGlass, Geopolitical and policy uncertainties played a significant role in shaping the crypto derivatives market in 2025. Factors such as trade friction between the US and China, the Federal Reserve’s monetary policy decisions, and the Bank of Japan’s normalization of monetary policy all contributed to market volatility. The crypto-friendly policies of the US administration, under President Trump, added to the complexity, creating opportunities for strategic gaming in the crypto derivatives market.
The regulatory environment for crypto derivatives in 2025 showed a pattern of “directional coverage with divergent pathways.” The US shifted towards a legislative and licensing framework, while the EU focused on consumer protection and leverage restrictions. Asian jurisdictions, such as Hong Kong and Singapore, positioned themselves as compliant testing ground, competing for institutional business.
The UAE emerged as a regional compliance hub, leveraging a unified digital asset regulatory framework. Regulation targeting DeFi derivatives is converging around the principle of “same activity, same risk, same regulation,” foreshadowing a progressive convergence of compliance requirements for both on-chain and off-chain markets.
The year also marked a significant milestone for stablecoins and Digital Asset Treasuries (DATs). Stablecoins’ total market cap temporarily surpassed $230 billion, with an annual on-chain settlement volume of approximately $1.5 trillion. The DAT model provided traditional institutional investors with a standardised pathway to access crypto asset exposure.
Meanwhile, decentralised derivatives transitioned from proof-of-concept to competing for actual market share, with mainstream on-chain derivative protocols marking progress in technical architecture and product morphology.
In conclusion, 2025 marked a significant turning point for the crypto industry, with rapid growth, innovation, and adoption.
