According to a new report published by cryptocurrency analytics company CryptoQuant analyst Maartunn, derivatives trading activity on Binance, one of the world’s largest cryptocurrency exchanges, is showing a remarkable increase.
The analysis noted that the Futures/Spot ratio on the exchange rose to approximately 5.1, the highest level seen since mid-2023.
This ratio measures how much larger the trading volume in futures markets is compared to the spot market. According to current data, 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 volume, $25.4 trillion came from derivatives trading and $6.99 trillion from spot trading. When comparing year-on-year, the volume in the futures market increased by approximately 19.7%, from $21.21 trillion in 2024 to $25.4 trillion in 2025, while the spot market volume remained almost unchanged at $6.99 trillion.
According to the analysis, the rise in the Futures/Spot ratio is not due to a contraction in the spot market. Instead, the structural growth of the derivatives market is cited as the primary reason for this increase. Experts believe that a shift in trading activity towards derivative products generally indicates that price movements in the market can become faster and more volatile.
CryptoQuant analysts note that the derivatives market’s growth relative to the spot market could signal a shift in investor behavior, adding that such periods are typically associated with increased volatility and more aggressive price movements.
*This is not investment advice.
