Crypto Derivatives Open Interest Reaches Record Highs in 2025

Perpetual futures, U.S. futures, and Deribit options all set unprecedented open interest milestones during the year.

Summary

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Terms & Concepts
  • Perpetual futures: A type of futures contract without an expiry date, allowing traders to hold positions indefinitely.
  • Open interest: The total number of outstanding derivative contracts, such as futures or options, that have not been settled.
  • Deribit options: Options contracts offered by Deribit, a major crypto derivatives exchange.