Ethereum derivatives trading explodes in 2025: futures are 5 times higher than spot, and clearing has become the biggest driver

2025-12-27 01:46:12

【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.

ETH0,1%

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BearMarketNoodler

· 3h ago

A 5:1 ratio, this is playing with fire. When the liquidation wave comes, even spot holdings will have to be sacrificed.

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QuorumVoter

· 12-27 02:16

A 5:1 ratio, this is playing with fire.

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RektRecorder

· 12-27 02:11

I'm asking blindly... with this 5x leverage ratio, won't someone get rich overnight and then all get liquidated collectively?

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PanicSeller

· 12-27 02:05

I’m throwing 5 bucks into futures? Are you crazy? Once the liquidation hits, it’ll crash directly. My little notebook...

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zkProofInThePudding

· 12-27 02:05

A 1 to 5 ratio, this is damn casino, it will explode sooner or later 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

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RugDocDetective

· 12-27 01:58

Oh my god, spot trading with 5x leverage futures, this is just gambling. It's going to blow up sooner or later.

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PanicSeller69

· 12-27 01:47

5:1 ratio? You're playing with fire, buddy. --- 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.

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