Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
More
Ethereum derivatives trading explodes in 2025: futures are 5 times higher than spot, and clearing has become the biggest driver
【CoinDesk】Data shows that Ethereum’s contract trading volume this year has far exceeded previous years’ levels. Just looking at a leading exchange, the trading volume of Ethereum futures in the past year alone exceeded $6.74 trillion, almost twice as much as in 2024. And 2024 itself has already broken historical records, so you can imagine how crazy 2025 will be—Ethereum has definitely become one of the most active assets in the global derivatives market.
What’s even more interesting is the ratio of spot to futures. Data indicates this ratio is about 0.2, in other words, for every 1 dollar of ETH bought in the spot market, 5 dollars are poured into futures. This extremely unbalanced allocation looks very extreme and clearly reflects the market’s speculative enthusiasm for Ethereum in 2025. High leverage, large trading volume, unbalanced allocation—these three factors together have basically made futures the ultimate determinant of Ethereum’s price.
What’s the result? Ethereum’s price volatility has been amplified to an extreme, with unpredictable trends, heavily dependent on liquidation events. The way the coin price hits new highs is also quite awkward, barely breaking through with a few dollars of marginal advantage. This actually reflects a problem: the market is filled with leveraged traders, and even a slight disturbance can trigger chain liquidations, causing the price to lose rational support.
The night of liquidation is coming, brothers holding spot should be careful
6.74 trillion? Hmm, this number looks very虚
Futures determine the price, spot is just a supporting role, outrageous
Leverage freaks are playing with fire this time, feels like they will get burned
If this operation had happened in early 2022, it would have already collapsed, why are they still adding?
This is fucking crazy, feels like it's about to peak, everyone
By the way, when will the big liquidation show start? I'm just waiting quietly
One spot for five futures, who can withstand this?
The derivatives market is just a slaughterhouse where big players harvest small韭菜
---
Another wave of leverage feast, the liquidation machines are about to be full.
---
Buy one spot for five futures... Is this ratio still far from a blowout?
---
The level of madness is truly maxed out, but who will take the final step in this wave?
---
Futures determining prices just sounds wrong.
---
6.74 trillion? That number sounds like bragging.
---
Such an imbalance, doesn't anyone think about risk control?
---
Prediction: next time there's a sharp drop, there will be a big escape.
---
Spot is being crushed by futures; frankly, there's still no real demand.
---
This market structure is toxic, it will blow up sooner or later.