A new report published by Martun, an analyst at cryptocurrency analysis firm CryptoQuant, shows a significant increase in derivatives trading activity on Binance, one of the world’s largest crypto exchanges.
The analysis noted that the exchange’s futures/spot ratio rose to about 5.1x, the highest level since mid-2023.
This ratio represents how large the trading volume is in the futures market compared to the spot market. Current data shows that futures trading on Binance generates more than five times the trading volume of the spot market. This indicates that trading activity in the market is increasingly shifting towards derivative products.
According to the data in the report, Binance’s total trading volume in 2025 reached $32.39 trillion. Of this amount, $25.4 trillion came from derivatives trading and $6.99 trillion from spot trading. Compared to the previous year, the trading volume of the futures market increased by approximately 19.7% from $21.21 trillion in 2024 to $25.4 trillion in 2025, while the trading volume of the spot market remained almost unchanged at $6.99 trillion.
Our analysis shows that the increase in the futures/spot ratio is not due to a contraction in the spot market. Rather, structural growth in the derivatives market is cited as the main reason for this increase. Experts believe that the shift in trading activity toward derivative products generally indicates that market price movements may be faster and more volatile.
Analysts at CryptoQuant noted that growth in the derivatives market compared to the spot market could signal a change in investor behavior, adding that such periods are usually associated with increased volatility and more aggressive price movements.
*This is not investment advice.
