Key numbers: 2025
perpetual futures · UTC1. Open interest
daily average per exchange, USDOpen interest on Binance and Bybit went from $29.06B on 1 Jan 2025 to $27.11B on 31 Dec 2025 (-7%), peaking at $47.08B on 6 Oct 2025. Bitcoin ended the period with 42% of it ($11.49B, -2%). Across the 2 exchanges recorded on 31 Dec 2025, Binance held the largest share, 81% of $27.11B.
Covers Binance and Bybit for the whole period. The chart and the changes use only the exchanges recorded on both 1 Jan 2025 and 31 Dec 2025 (Binance, Bybit). Before this site recorded them live, the numbers for Binance and Bybit come from the exchanges' own hourly history. Coverage
| Coin | 1 Jan 2025 | 31 Dec 2025 | Change | Peak | Peak day |
|---|---|---|---|---|---|
| BTC | $11.74B | $11.49B | -2.12% | $17.83B | 6 Oct 2025 |
| ETH | $7.45B | $8.38B | +12.50% | $14.99B | 24 Aug 2025 |
| SOL | $1.92B | $1.59B | -17.20% | $4.39B | 12 Sep 2025 |
| XRP | $1.08B | $597.2M | -44.93% | $2.28B | 20 Jul 2025 |
| BNB | $466.1M | $549.8M | +17.98% | $1.29B | 7 Oct 2025 |
| ZEC | — | $429.4M | — | $484.6M | 28 Dec 2025 |
| DOGE | $911.8M | $306.7M | -66.37% | $1.37B | 14 Sep 2025 |
| HYPE | — | $274.4M | — | $474.7M | 6 Oct 2025 |
| BCH | $139.8M | $222.1M | +58.83% | $330.2M | 3 Sep 2025 |
| SUI | $320.3M | $167.2M | -47.80% | $713.2M | 28 Jul 2025 |
| All coins | $29.06B | $27.11B | -6.70% | $47.08B | 6 Oct 2025 |
Exchange share of open interest
| Exchange | 1 Jan 2025 | Share | 31 Dec 2025 | Share | Change |
|---|---|---|---|---|---|
| Binance | $21.35B | 73.5% | $22.05B | 81.3% | +3.28% |
| Bybit | $7.71B | 26.5% | $5.06B | 18.7% | -34.33% |
Download: coins (CSV) · exchanges (CSV)
2. Funding
mean of each day's OI-weighted 8h rateFunding averaged BTC 0.0047% per 8h (about 5.1% APR) and ETH 0.0044% per 8h (about 4.8% APR) over 2025. BTC funding was negative on 29 of 365 days. The most positive liquid coin was ARC at 32.2% APR; the most negative SOON at -179.9% APR.
Covers Binance and Hyperliquid for the whole period. Before this site recorded them live, the rates for Binance and Hyperliquid are the settled funding from the exchanges' own history. Coverage
| Coin | Average per 8h | Annualized | Negative days | Days |
|---|---|---|---|---|
| BTC | 0.0047% | 5.1% | 29 | 365 |
| ETH | 0.0044% | 4.8% | 44 | 365 |
| SOL | 0.0005% | 0.6% | 140 | 365 |
| XRP | 0.0042% | 4.6% | 70 | 365 |
| BNB | -0.0019% | -2.1% | 142 | 365 |
| ZEC | -0.0163% | -17.9% | 115 | 365 |
| DOGE | 0.0044% | 4.9% | 50 | 365 |
| HYPE | 0.0186% | 20.4% | 12 | 365 |
| BCH | -0.0023% | -2.6% | 172 | 365 |
| SUI | 0.0031% | 3.4% | 88 | 365 |
Download: funding (CSV)
3. Liquidations
UTC days · longs / shortsNo liquidations are recorded for 2025. This site stores liquidations from 27 Sep 2026.
4. Volume
quote volume, USD · perp and spotNo trading volume is stored for 2025.
5. Hyperliquid
vs the centralized exchanges · HIP-3Hyperliquid is not recorded for 2025.
Cite this report
permalinkswolecharts, “Crypto Derivatives Report: 2025”, published 1 January 2026, https://swolecharts.com/reports/2025Free to quote and embed with a link back to /reports/2025.
Methodology
- Days are UTC. Open interest is each perpetual market's average for the day, summed per coin and exchange; HIP-3 markets are left out of the crypto totals.
- Funding is each day's open-interest-weighted average of the 8-hour-equivalent rate across exchanges, averaged over the days with data; annualized = rate × 3 × 365.
- Live data is what this site recorded from each exchange's public API. Before that, Binance and Bybit open interest come from the exchanges' published hourly history and Binance and Hyperliquid funding from their settled rates; the live record wins wherever both exist.
- Liquidations come from the exchanges' public liquidation feeds; some feeds are sampled, so totals are a lower bound. Volume is the quote volume of this site's recorded 1-minute bars.
- No third-party aggregator data is used. See coverage for every exchange and data type.
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