CME Beats Binance in BTC Futures While Hyperliquid Hits $5B in Volume: CoinGlass H1 Report

Key Points

1. CME's Bitcoin futures open interest reached 158,300 BTC ($16.5 billion), surpassing Binance's 118,700 BTC ($12.3 billion) for the first time in H1 2025.

2. Hyperliquid processed an average daily volume of over $3 billion, commanding over 80% of the DeFi perpetual contracts market share.

3. Bitcoin's market dominance reached 65% by the end of Q2 2025, the highest level since 2021, while Ethereum and altcoins experienced significant declines.

4. Hyperliquid's annual trading volume reached $1.571 trillion, an 843% increase from the previous year, with cumulative revenue exceeding $310 million.

5. The derivatives market is fragmenting between regulated institutional venues like CME and decentralized platforms like Hyperliquid, serving distinct investor segments.