The cryptocurrency derivatives market traded approximately $85.70 trillion in 2025, a daily average of about $264.5 billion, according to CoinGlass. In H1 2026, volume reached $35.08 trillion, down 15.7% from $41.60 trillion in the same period of 2025. The cryptocurrency derivatives market statistics below draw on CoinGlass, CME Group and Commodity Futures Trading Commission (CFTC) data.
Average daily open interest fell a smaller 10.0%, to $112.7 billion, so many positions stayed open even as turnover cooled. CME Group’s cryptocurrency futures and options averaged 196,000 contracts a day in Q3 2026, worth $7.3 billion in notional value. The data below covers volume, open interest, exchange share, liquidations, perpetual futures, options and the new US rules for perpetual contracts.
Key Takeaways
- Average daily open interest fell 10.0% year over year in H1 2026, a smaller decline than the 15.7% contraction in volume.
- CME accounted for 4.1% of volume but 12.0% of open interest in H1 2026.
- Liquidations totaled $73.35 billion in H1 2026, with long positions making up 62.2%.
- Perpetual contracts account for 93% of all crypto derivatives trading, according to a February 2025 Cornell research summary.
- CoinGecko’s top 10 perpetual centralized exchanges recorded $12.7 trillion in Q2 2026, down 10.0% from $14.1 trillion in Q1.
- CME’s quarterly crypto ADV dropped from a record 379,000 contracts in Q4 2025 to 196,000 in Q3 2026.
Editor’s Choice
- Crypto derivatives volume in 2025: approximately $85.70 trillion.
- Open interest high in 2025: $235.9 billion on October 7.
- Liquidations on October 10, 2025: Combined long and short liquidations exceeded $19 billion.
- CME crypto ADV in 2025: a record 278,000 contracts, up 139%.
- Binance share of 2025 derivatives volume: approximately 29.3%.
- CME 24/7 launch weekend: More than 7,200 crypto futures and options contracts traded.
Cryptocurrency Derivatives Market Statistics by Trading Volume
- CoinGlass says derivatives have established themselves as the primary venue for price formation and risk management for the vast majority of mainstream assets.
- High-volume trading days appeared repeatedly above the average line in 2025.
- H1 2026 volume totaled $35.08 trillion, averaging $193.8 billion per day.
- That total was down 15.7% from $41.60 trillion in the same period of 2025.
- The H1 2026 daily average sat 26.7% below the 2025 daily average.
| Metric | Value |
|---|---|
| Total volume, 2025 | approximately $85.70 trillion |
| CoinGlass daily average, 2025 | about $264.5 billion |
| Peak day, October 10, 2025 | approximately $748 billion |
| Total volume, H1 2025 | $41.60 trillion |
| Total volume, H1 2026 | $35.08 trillion |
| Daily average, H1 2026 | $193.8 billion |
Source: CoinGlass 2025 Crypto Derivatives Market Annual Report, CoinGlass 2026 Semi-Annual Cryptocurrency Derivatives Market Report
How big is the crypto derivatives market?
The crypto derivatives market handled approximately $85.70 trillion in trading volume in 2025, CoinGlass data shows. Volume in H1 2026 came to $35.08 trillion, and CoinGlass links the year-over-year drop to weaker contract turnover, short-term participation, and risk appetite.
About This Data
- Sources: 13 in total, including 9 exchange and regulator releases from CME Group and the CFTC, 3 industry data reports from CoinGlass and CoinGecko, and 1 academic research summary.
- Publication window: February 2025 to October 2026.
- Selection: primary releases and named data providers only; market-research sellers excluded.
- Updates: reviewed on a rolling basis and revised when sources publish new editions.
Monthly Crypto Derivatives Volume in 2026
- Monthly volume was $6.73 trillion in January 2026 and reached an interim low of $5.29 trillion in April 2026.
- Volume recovered to $5.66 trillion in June 2026, up 6.5% from May 2026.
- June 2026 volume still sat 15.9% below January 2026.
- Q1 2026 volume was $18.81 trillion and Q2 volume was $16.27 trillion, a quarter-over-quarter decline of 13.5%.
- Daily volume hit its H1 2026 peak of $480.4 billion on February 6, 2026 and fell to $74.7 billion on April 5, 2026.
- That implies a peak-to-trough ratio of approximately 6.4 times.
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Recent Developments
- Q3 2026: CME Group’s cryptocurrency ADV was 196,000 contracts ($7.3 billion notional), while its overall Q3 ADV reached a record 29.4 million contracts.
- September 2026: CME’s crypto ADV was 174,000 contracts ($8.6 billion notional), against a record overall September ADV of 31.8 million contracts.
- August 2026: CME reported cryptocurrency ADV of 175,000 contracts, or $12 billion in notional value.
- Q2 2026: CoinGecko counted $12.7 trillion in volume on the top 10 perpetual centralized exchanges, down 10.0% from Q1.
- June 2026: Monthly liquidations reached their H1 high of $16.14 billion, with the long-liquidation share rising to 69.5%.
- June 2026: The CFTC’s Division of Market Oversight issued no-action relief to designated contract markets converting perpetual-style digital commodity futures into true perpetual futures.
Crypto Derivatives Open Interest Statistics
- Average daily open interest was $112.7 billion in H1 2026, down 10.0% year over year.
- The monthly average was $134.46 billion in January 2026 and fell 27.3% to $97.70 billion in February 2026.
- Open interest fell from $145.24 billion on January 15, 2026 to $92.29 billion on February 25, 2026, a contraction of 36.5% over six weeks.
- Market-wide open interest stood at $99.94 billion on June 30, 2026, down 17.9% from the start of the year.
- In 2025, open interest bottomed at a yearly low of $87 billion and later touched a historical extreme of $235.9 billion on October 7.
- A flash deleveraging event in early Q4 2025 wiped out over $70 billion in positions within a single day.
- Year-end 2025 open interest of $145.1 billion represented a 17% increase from the start of the year, per CoinGlass’s 2025 annual report, a separate series from the H1 2026 report’s June 30 figure above.
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Key finding: CoinGlass found that average daily open interest fell 10.0% in H1 2026, a smaller decline than the 15.7% contraction in volume. Traders cut how often they traded faster than they cut their positions, so leverage stayed in the market while activity thinned, which can leave the market more exposed to sharp price moves.
Crypto Derivatives Exchange Market Share
- Binance ranked first among crypto exchanges with $9.34 trillion in H1 2026 derivatives volume and a 26.6% share.
- OKX followed with $4.19 trillion and an 11.9% share; together, the two accounted for 38.6%.
- The top 10 exchanges accounted for 81.2% of total market volume, while the top 5 accounted for 61.2%.
- CME ranked seventh with $1.43 trillion and a 4.1% share.
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The 2025 full-year ranking had the same top three, with Bitget fourth and MEXC outside the top five. Binance recorded a cumulative $25.09 trillion in 2025, a market share of approximately 29.3%, while OKX ranked second with $10.76 trillion.
| Exchange | 2025 derivatives volume | Share of 2025 volume |
|---|---|---|
| Binance | $25.09 trillion | approximately 29.3% |
| OKX | $10.76 trillion | roughly 12.5% |
| Bybit | $9.43 trillion | approximately 11% |
| Bitget | $8.17 trillion | about 9.5% |
| Gate | $5.91 trillion | approximately 6.9% |
Source: CoinGlass annual derivatives report, 2025
Open Interest by Exchange
- In H1 2026, Binance ranked first with average daily open interest of $24.01 billion and a 21.3% share.
- CME ranked second with $13.55 billion and a 12.0% share.
- CME’s 12.0% share of open interest was approximately 3 times its 4.1% share of volume.
- CME’s monthly open interest share fell from 13.7% in January 2026 to 9.3% in June 2026.
- The top 10 accounted for 79.3% of market-wide average daily open interest.
- In 2025, Binance held a daily average open interest of approximately $30 billion, about 28% of the approximately $108.3 billion held across the top ten centralized exchanges.
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Why it matters: CoinGlass data shows CME’s weight in outstanding positions was materially higher than its weight in trading turnover, consistent with institutional hedging and basis strategies. A shrinking CME share of open interest therefore says more about institutional crypto risk management than about retail trading.
CME Crypto Futures and Options Volume Statistics
- CME’s cryptocurrency ADV increased 139% to a record 278,000 contracts in 2025, worth $12 billion notional.
- Q4 2025 set a quarterly record of 379,000 contracts ($13.3 billion notional).
- The prior quarter, Q3 2025, had set a record of 340,000 contracts.
- Q3 2026 crypto ADV was 196,000 contracts ($7.3 billion notional).
- Q3 2026 ADV sat 48.3% below the Q4 2025 record.
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In June 2026, CME crypto ADV increased 76% to 334,000 contracts ($10.7 billion notional). Monthly crypto ADV then came in at 175,000 contracts in August 2026 and 174,000 in September 2026.
| Month | Crypto ADV (contracts) | Notional value |
|---|---|---|
| September 2025 | 309,000 | $13.7 billion |
| December 2025 | 339,000 | $9.4 billion |
| June 2026 | 334,000 | $10.7 billion |
| August 2026 | 175,000 | $12 billion |
| September 2026 | 174,000 | $8.6 billion |
Source: CME Group monthly volume releases, September 2025 to September 2026
CME Bitcoin and Ether Futures Statistics
- In 2025, Micro Bitcoin futures set a record annual ADV of 75,000 contracts, and Ether futures a record 19,000.
- In Q4 2025, Micro Ether futures ADV increased 164% to 201,000 contracts and Micro Bitcoin futures set a quarterly record of 89,000.
- Ether futures ADV increased 10% to 18,000 contracts in Q2 2026.
- Ether futures ADV increased 62% in Q1 2026.
- Micro Ether futures averaged 1.92 times the daily contracts of Micro Bitcoin futures in 2025.
| Product | Period | ADV (contracts) |
|---|---|---|
| Micro Ether futures | 2025 | 144,000 |
| Micro Ether futures | Q4 2025 | 201,000 |
| Micro Bitcoin futures | 2025 | 75,000 |
| Micro Bitcoin futures | Q4 2025 | 89,000 |
| Micro Bitcoin futures | June 2026 | 77,000 |
| Ether futures | Q1 2026 | 21,000 |
Source: CME Group volume releases, 2025 to June 2026
Crypto Liquidation Statistics
- Notional liquidations totaled $73.35 billion in H1 2026, averaging approximately $405 million per day.
- Long liquidations amounted to $45.63 billion, or 62.2%, while short liquidations totaled $27.72 billion, or 37.8%.
- Liquidations totaled $2.588 billion on January 31, 2026, the largest single-day event in H1 2026.
- Forced liquidations across 2025 approximated $150 billion.
- On October 10, 2025, combined long and short liquidations exceeded $19 billion, with long liquidations accounting for approximately 85 to 90% of the total.
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Leverage risk: When the disclosure timing of certain platforms and feedback from market makers are factored in, CoinGlass says the actual liquidation scale on October 10, 2025 likely approached $30 to 40 billion. Leveraged positions can be closed out within minutes in a fast market, and published liquidation totals may understate how many positions were force-closed.
Perpetual Futures Statistics
- Perpetual contracts account for 93% of all crypto derivatives trading, according to a February 2025 research summary from Cornell’s SC Johnson College of Business.
- Perpetual contracts have no expiration date and use an eight-hour funding fee mechanism to align the contract price with the underlying spot market.
- Perps trading volume declined less than spot quarter on quarter, 10.0% against 39.1%, in CoinGecko’s perps comparison; the spot section of the same report gives a smaller fall, shown in the table below.
- CoinGecko attributed the gap to traders’ preference for perps speculation, while the growth of RWA perps also helped maintain interest.
| Perpetual futures metric | Value |
|---|---|
| Share of all crypto derivatives trading | 93% |
| Top 10 perpetual exchange volume, Q1 2026 | $14.1 trillion |
| Top 10 perpetual exchange volume, Q2 2026 | $12.7 trillion |
| Perps volume change, Q1 to Q2 2026 | Down 10.0% |
| Spot volume change in CoinGecko’s perps comparison, Q2 2026 | Down 39.1% |
| Spot CEX volume change in CoinGecko’s spot section, Q2 2026 | Down 27.9% |
Source: Cornell SC Johnson College of Business (2025), CoinGecko 2026 Q2 Crypto Industry Report
Decentralized Perpetual Exchange Statistics
- Monthly trading volume on perpetual decentralized exchanges (perp DEXs) surpassed $1.2 trillion for the first time in October 2025.
- Hyperliquid’s share of on-chain perpetual contract trading volume peaked at approximately 71% in May 2025.
- Hyperliquid’s perpetual open interest reached $15 billion in October 2025, approximately 63% of the total across major decentralized perpetual platforms.
- By November 2025, Hyperliquid’s share of trading volume fell to about 20%, behind Lighter, as Lighter and Aster surged.
| Perp DEX | Share of November 2025 on-chain perpetual volume |
|---|---|
| Lighter | approximately 27.7% |
| Hyperliquid | about 20% |
| Aster | 19.3% |
| EdgeX | 14.6% |
Source: CoinGlass on-chain perpetual data, November 2025
The takeaway: Hyperliquid went from approximately 71% of on-chain perpetual volume in May 2025 to about 20% in November 2025, as Lighter, Aster and EdgeX surged. Decentralized perpetual trading is growing, but no single venue has kept a lasting grip on it, which makes per-venue volume a weak guide to future share.
Crypto Options Market Statistics
- Deribit controlled approximately 85% of the global crypto options market as of the end of 2024.
- Coinbase completed the acquisition of Deribit for $2.9 billion.
- BlackRock’s IBIT ETF options surpassed Deribit in open interest for the first time by the end of the third quarter of 2025.
| Options metric | Value |
|---|---|
| Deribit share of global crypto options, end of 2024 | approximately 85% |
| Price Coinbase paid for Deribit | $2.9 billion |
| CME share of global BTC options open interest, third quarter of 2025 | approximately 6% |
| BTC options share held outside Deribit and IBIT | less than 10% |
Source: CoinGlass annual derivatives report, 2025
US Crypto Derivatives Regulation Statistics
- Kalshi submitted the BTCPERP Contract, a perpetual contract that references the spot price of bitcoin, for CFTC review on May 28, 2026.
- The CFTC approved BTCPERP for listing as a futures contract on May 29, 2026.
- The Commission found the contract complies with the Commodity Exchange Act, including the core principles for designated contract markets under Part 38.
- CME’s 24/7 trading for crypto futures and options went live on Friday, May 29, 2026, the same day as the CFTC order.
- More than 7,200 crypto futures and options contracts traded over the inaugural weekend, at ~$50 million in notional value.
- On June 12, 2026, CFTC staff gave designated contract markets no-action relief to remove expiration dates from perpetual-style digital commodity futures.
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Are crypto perpetual futures legal in the US?
Bitcoin perpetuals can now list on a CFTC-regulated exchange, a clear shift in US crypto trading regulation. The CFTC approved Kalshi’s BTCPERP as a futures contract on May 29, 2026. Conditions for converting older contracts include advance notice, an opportunity to exit positions, and risk disclosures.
Conclusion
Crypto derivatives volume reached $35.08 trillion in H1 2026, down 15.7%, while average daily open interest fell a smaller 10.0% to $112.7 billion. Less trading on a still-large stock of leverage is the pattern to watch, because it can help explain why liquidation spikes kept arriving even as turnover cooled.
CME held 12.0% of open interest on 4.1% of volume, while US perpetuals arrived on a different regulated venue, Kalshi’s BTCPERP, rather than at CME. Those contracts match the way most crypto derivatives already trade. The figures to watch next are CME’s quarterly crypto volume and how much perpetual trading moves onto US venues.
