The futures-to-spot trading volume ratio on Binance has risen to approximately 5.1, its highest level since mid-2023. In practical terms, this means the futures market is currently processing more than five times the trading volume of spot markets on the exchange.
Why is this ratio increasing? â
The ratio compares futures trading volume to spot trading volume. Since both figures can change independently, itâs important to analyze them separately before drawing conclusions.
In 2025, Binance processed $32.39 trillion in total trading volume.
Breakdown:
- Derivatives volume: $25.4T
- Spot volume: $6.99T
Year-over-year comparison:
- In the Futures market, trading volume increased from $21.21 trillion in 2024 to $25.4 trillion in 2025, representing a +19.7% growth.
- In the Spot market, trading volume remained unchanged at $6.99 trillion in both 2024 and 2025, showing approximately 0% growth. đ
What does this tell us? đ§
The rise in the futures-to-spot ratio is not primarily driven by a decline in spot trading activity. Instead, it reflects structural growth in derivatives trading, with futures volume expanding significantly while spot volume has remained largely flat.
Written by maartunn