cryptocurrency The derivatives market grew under the weight of central exchanges throughout 2025, reaching a total transaction volume of approximately 85.7 trillion dollars, and the average daily volume was shaped at 264.5 billion dollars. CoinGlassHe noted that the transactions, which started weakly at the beginning of the year as macro liquidity conditions remained tight, accelerated with the increasing risk appetite in the following months. The busiest day of the year was October 10. In a single day, volume jumped to approximately $748 billion. CoinGlass emphasized in its report that the derivatives market has settled into a “layered and oligopolistic” structure.
Binance Supremacy in Volume
CoinGlass 2025 Crypto Derivatives Market Annual Reportin to data Derivatives continued to be the main medium for price discovery and risk management. Market share is clearly concentrated in a narrow group and Binance It is preparing to close the year with a volume of 25.09 trillion dollars, producing more than 29 percent of the global derivative volume alone. OKX, Bybit And bitget also finished at the top. The total of the four exchanges exceeded 62 percent of global volume.
After the first four, a sharp decline is noticeable. Smaller exchanges, described as the “long tail,” remained with limited shares. Weak liquidity and low depth differentiated transaction quality from the top league. While CoinGlass described the chart as a “stratified oligopoly,” it noted that competition has become tougher on metrics such as liquidity density and user presence.
Sharp fluctuations were also observed on the open interest size front throughout the year. The intense deleveraging in the first quarter brought OI down to $87 billion. Leverage then quickly re-accumulated, and in early October OI broke a record at $235.9 billion. In the fourth quarter, there was a shock with a sudden deletion of $ 70 billion. Despite all the volatility, the year-end OI was measured 17 percent higher than the beginning of the year.
What Does Liquidity Depth Data Say?
On the other hand depth of liquidity data reveals that leadership is not limited to volume alone. CoinGlass stated that Binance has significantly surpassed all its competitors in Bitcoin order book depth, while OKX is positioned in a distant but clear second place, especially in institutional-sized transactions. While higher depth means large orders disrupt the price less, the backbone of the market has become more solid across several platforms.
Concentration on the storage side of user assets gave a stronger appearance. Binance’s share of assets under custody increased to over 72 percent. In the report, the HHI level of 5.352 was marked as an indicator of “extreme oligopoly”. While OKX ranked second, the share of the remaining exchanges was distributed to a smaller pool. The concentration of storage has also moved the discussion of operational risk to the same axis. When the majority of assets are concentrated in a small number of centers, the system’s response in times of stress becomes critical.
Liquidations reached approximately $150 billion in 2025, and most of them were classified as routine liquidations. The focal point of systemic stress was the 10–11 October window. CoinGlass reported that total liquidations exceeded $19 billion in two days. According to the report, the trigger for the liquidations was a major macro shock associated with new US tariffs on China. The tension in ADL mechanisms, especially with high leverage, crowded long positions and liquidation altcoinIt increased volatility in the ‘s. Bitcoin And EthereumWhile the withdrawals remained more limited in , sharp collapses were observed in smaller assets.
