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LMAX Group Launches Bitcoin and Ethereum Cash-Settled Perpetual Futures

LMAX Group expands into crypto derivatives with high-leverage perpetual futures, aligning with rising institutional demand and global exchange competition in a $1.39 trillion daily market.

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Summary

LMAX Group introduced perpetual futures contracts for Bitcoin and Ether, offering up to 100x leverage for institutional clients. The London-based exchange, which handles over $40 billion in daily spot trading, cited demand from proprietary trading firms and brokers. Perpetual futures, dominating 68% of Bitcoin trading volume in 2025, reached $1.39 trillion in daily volume according to CoinMarketCap, while decentralized platforms processed $20.5 billion in 24 hours. Leading centralized exchanges like Binance, Bybit, and OKX account for nearly 70% of open interest. LMAX’s entry coincides with U.S. and European exchanges, including Coinbase, CBOE, and One Trading, moving to expand perpetual offerings.

Terms & Concepts
  • Perpetual Futures: A type of futures contract with no expiration date, allowing traders to hold positions indefinitely, often with margin-based leverage.
  • Cash-Settled Futures: Futures contracts where settlement occurs in cash rather than the underlying asset, based on the asset's market price at contract close.
  • Leverage: A trading mechanism allowing investors to control larger positions with a smaller capital outlay, amplifying both potential gains and losses.