TL;DR
- Institutional Expansion: LMAX launches 100x leveraged Bitcoin and Ether perpetual futures, responding to growing demand from brokers and prop firms for institutional-grade crypto derivatives.
- Market Dominance: These futures now drive 68% of Bitcoin trading volume, with centralized exchanges like Binance and Bybit handling trillions in daily turnover.
- DeFi Momentum: Decentralized platforms post $683.5 billion in monthly perp volume, led by Hyperliquid’s rapid growth.
London-based fintech firm LMAX Group has officially entered the crypto derivatives market, launching high-leverage perpetual futures contracts for Bitcoin and Ether. This strategic move targets institutional clients seeking deeper exposure to digital assets, reflecting a broader industry trend toward leveraged crypto instruments. With over $40 billion in daily spot volume across FX and digital assets, LMAX’s expansion signals growing confidence in crypto’s institutional appeal.
Institutional Appetite Fuels Derivatives Expansion
LMAX CEO David Mercer cited rising demand from proprietary trading firms and brokers as the catalyst for the new offering. “Perpetual futures have dominated the crypto market for the last three or four years,” Mercer said, emphasizing the need for institutional-grade access to these instruments. Unlike traditional futures, perpetuals have no expiration date, allowing continuous exposure. LMAX’s contracts will offer up to 100x leverage, positioning the firm alongside major players in the derivatives space.
Perpetuals Dominate Crypto Trading Volume
These futures now account for 68% of all Bitcoin trading volume in 2025, up from 66% the previous year, according to Kaiko. Leading centralized exchanges such as Binance, Bybit, and OKX collectively hold nearly 70% of open interest in these products. Daily volumes range from $10 billion to $30 billion, with peak days on Binance reaching $80 billion. CoinMarketCap data shows that these futures generated $1.39 trillion in 24-hour volume, dwarfing the $670.61 million seen in traditional futures.
Decentralized Platforms Join the Surge
Decentralized exchanges are also riding the perpetual wave. DefiLlama reports that decentralized perpetual platforms processed $20.5 billion in 24-hour volume, with a 30-day total of $683.5 billion. This marks a 16.84% weekly increase, underscoring the growing role of DeFi in derivatives trading. Hyperliquid alone contributed over $65 billion in seven-day volume, reflecting the sector’s rapid maturation and competitive edge.
US Market Opens to Retail Perpetuals
LMAX’s launch coincides with a broader push in the US to make perpetual futures accessible to retail investors. Coinbase began offering perps to US customers in July, while CBOE plans to introduce its own version in November. Europe’s One Trading has already launched MiFID II-compliant perpetuals for institutions, with plans to expand to eligible retail clients. The global race to capture crypto derivatives volume is clearly accelerating.
