Exchange Review July 2025

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high.

  • August 12, 2025
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Exchange Review July 2025

Crypto markets posted a strong rebound in July. Spot trading volumes rose 53.7% to $2.2T, the highest since February, while derivatives volumes jumped 30.6% to $6.5T, setting a new yearly high.

  • August 12, 2025

Report Summary

  • Derivatives Market Share Falls to 71.3% as Spot Trading Outpaces: Despite derivatives volumes reaching a yearly high of $6.5T, their market share declined from 77.6% to 71.3% as spot trading growth (+53.3%) outpaced derivatives growth (+30.6%).

  • Hyperliquid Continues Gaining Ground in On-Chain Derivatives: Hyperliquid's derivatives volume grew 44.89% to $311.33B in July, setting a new record for the exchange and cementing its position as the sixth-largest derivatives platform by open interest at 4.73% market share.
  • CME Institutional Volumes Rise Over 30% as Demand for Alts Surge: CME institutional volumes rose 31.7% to $260B, led by growth in alternative assets. Ether futures surged 68.7% to $72B while Solana futures jumped 274.9% to $5.5B.
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