CME has overtaken Binance as the world’s largest Bitcoin futures exchange by open interest, while decentralized platform Hyperliquid achieved record-breaking $5 billion daily trading volumes, according to CoinGlass’s comprehensive H1 2025 derivatives report.
CME’s Bitcoin futures open interest reached 158,300 BTC ($16.5 billion) by June 1, surpassing Binance’s 118,700 BTC ($12.3 billion) for the first time in the history of crypto derivatives.
The milestone comes as BTC derivatives open interest climbed from $60 billion to over $70 billion during the first half of 2025, driven by massive ETF inflows and institutional demand.
Total cryptocurrency derivatives trading volume maintained moderate upward momentum throughout H1 2025, with Binance continuing to dominate the overall derivatives volume, reaching nearly $200 billion on peak days.
However, the market structure consolidated around leading exchanges including OKX, Bybit, Bitget, and Gate, with top platforms capturing the majority of market share through the Matthew effect.
Hyperliquid emerged as the standout performer in decentralized derivatives, processing an average daily volume of over $3 billion with peaks exceeding $17 billion.
The platform now commands over 80% of the DeFi perpetual contracts market share while capturing 10.54% of Binance’s market share, up from 9.76% in April.
Institutional Adoption Drives Regulated Exchange Growth
The rise of regulated exchanges marks a significant shift in the trading patterns associated with cryptocurrency derivatives.
CME’s dominance in Bitcoin futures open interest stems from increasing institutional participation through compliant channels, with ETFs serving as major sources of incremental demand alongside traditional institutional allocators.
Bitcoin’s market dominance strengthened throughout H1 2025, reaching 65% by the end of Q2, the highest level since 2021.
Spot ETF assets under management exceeded $140 billion, creating sustained demand for hedging instruments on regulated platforms.
Ethereum and altcoins experienced pronounced weakness during the period. ETH dropped over 60% from its $3,700 early-year high to below $1,400 in April, with the ETH/BTC ratio declining from 0.036 to 0.017, representing a 50% collapse.
Major altcoins, including Solana, also fell by over 60% from their peaks, despite brief early-year rallies.
The CoinGlass Derivatives Risk Index (CDRI) remained at moderate levels throughout H1, reaching 58 by June 1, indicating “moderate risk/volatility neutral” conditions.
Multiple liquidation events helped flush excessive leverage, with February 3 recording $2.23 billion in forced liquidations during a single 24-hour period.
Funding rates remained predominantly positive throughout the period, staying above the baseline level of 0.01% and indicating persistent bullish sentiment.
However, three notable negative funding rate episodes coincided with sharp market corrections in February, April, and June, serving as reliable sentiment inflection point indicators.
Hyperliquid Dominates Decentralized Derivatives Revolution
Hyperliquid’s explosive growth positioned the platform as the leading force in decentralized derivatives trading.
The average daily volume consistently exceeded $3 billion, with month-over-month growth rates outpacing the entire DEX sector.
The platform achieved sub-second finality and support for over 100,000 orders per second through its proprietary native-chain matching engine.
The decentralized exchange ranks sixth among all DEXs by daily volume at over $420 million while capturing 6.84% of global perpetual flows.
Annual trading volume reached $1.571 trillion, representing an 843% increase from $26.3 billion recorded twelve months ago.
Revenue generation exceeded $56 million per month, resulting in cumulative revenue of over $310 million.
The platform reinvests 97% of protocol fees into HYPE token buybacks, resulting in $910 million in buybacks over a six-month period.
Total value locked reached $1.75 billion, ranking eighth among all blockchains.
Notably, institutional adoption accelerated with Nasdaq-listed Lion Group announcing plans to hold $600 million reserves with HYPE as its primary treasury asset.
The token reached a new peak at $44.86, surpassing its previous December high of $35.51, while positioning itself for a potential all-time high of $50.
Moreover, market depth analysis revealed Binance’s continued dominance in Bitcoin spot trading, with a single-sided depth of $8 million and a 32% market share.
However, the derivatives space is increasingly fragmenting between regulated institutional venues, such as the CME, and leading decentralized platforms, like Hyperliquid, both of which serve distinct investor segments.
The post CME Beats Binance in BTC Futures While Hyperliquid Hits $5B in Volume: CoinGlass H1 Report appeared first on Cryptonews.
