derivatives

Binance co-founder He Yi today reposted the RootData stock derivatives report on the X platform and commented "Everything is a number," accompanied by a reference to RootData's average daily open interest (OI) data for stock derivatives on exchanges from July to August 2026. The data shows that Binance ranks first with a share of 69.1%.In addition, the RootData report points out that the cumulative trading volume of mainstream exchange stock derivatives from January to August 2026 has approached $1.75 trillion, indicating that this category is transitioning from a marginal business to a core battleground for crypto exchanges competing with TradFi.

Global digital asset trading platform Websea will appear as a gold sponsor at TOKEN2049 Singapore 2026. This conference will be held in October at Marina Bay Sands in Singapore. Websea will focus on showcasing its latest explorations in the field of digital derivatives trading and innovative financial products.Public information shows that in the three years since its establishment, Websea has surpassed 1.5 million registered users globally, with a recent daily trading volume reaching 5 billion USD, and has built a comprehensive business system covering areas such as digital asset trading, risk management, and traditional financial asset trading.

According to The Block, Hyperliquid's total open interest (OI) reached $14.3 billion on Sunday, close to the level before the crash on October 10, 2025. On that day, Hyperliquid's OI dropped by about 56% in a single day, from $14.7 billion to $6.5 billion. The subsequent recovery occurred in two phases: HIP-3 increased its share of total OI from 18% to over 34% between March and August, with August HIP-3 OI setting a record of over $4.44 billion; however, in the past month, total OI increased by $3.57 billion, while HIP-3 OI decreased by $119 million, with its share dropping from 34% to 25%. The two catalysts driving growth include: Coinbase began directing Base App users to Hyperliquid in mid-August, and President Trump stated that the CFTC is working to bring Hyperliquid to the U.S. in a compliant manner. Notably, HIP-3 builders can retain up to half of the trading fees in the deployed market, which has impacted Hyperliquid's financial condition—its total revenue dropped from a peak of $457 million in Q3 2025 to $202 million in Q2 2026. Core crypto perpetual contracts allocate about 97% of fees to HYPE buybacks, so the OI returning to core business is far more valuable to HYPE than the OI generated through builders.

Cryptocurrency exchange Bybit announced the launch of USDT-settled forex perpetual contracts, covering three major currency pairs: Euro/USD, Pound/USD, and Dollar/Yen, supporting up to 100x leverage, and offering 24/7 trading. This product belongs to Bybit's TradFi perpetual contract series, which has included over 200 assets since its launch in April this year, covering stocks, commodities, ETFs, and pre-IPO companies. According to data from the Bank for International Settlements, the global forex market's average daily over-the-counter trading volume reached $9.6 trillion in April 2025, making it the largest and most liquid financial market in the world. Bybit is not the first cryptocurrency exchange to venture into forex perpetual contracts; Kraken launched five forex perpetual contracts with up to 50x leverage in April 2025, while BitMEX launched six similar products with up to 100x leverage in April 2026.

According to the latest stock derivatives exchange data released by RootData, Bitget's 24-hour trading volume is approximately 446 million USD, with an increase of 161.83%.

According to the latest stock derivatives exchange ranking released by RootData, WEEX has the largest spread among the Top 10, with MEXC in second place, reaching 0.078% and 0.052% respectively. In contrast, Binance, which ranks first overall, has a spread of only 0.008%, with 60% of exchanges having spreads below 0.02%.It is reported that this spread is weighted by the 24-hour trading volume, and a higher value usually indicates higher trading costs.

According to the latest stock derivatives exchange rankings data released by RootData, Gate had a 24-hour trading volume of approximately 482 million USD, with an increase of 90.58%.As of the time of publication, Gate ranked third, with a score of 93.2, a position holding of approximately 890 million USD, and a market share of 4.01%.

Coinbase posted on the X platform stating that the company is working to launch single-stock perpetual contracts in the United States. This week, Coinbase has submitted notification registration documents to the SEC for its derivatives exchange and brokerage and will work closely with the SEC and CFTC to bring more major financial products to the U.S. market.

Cryptocurrency exchange Bybit announced the appointment of Sean Ballard as the Head of Derivatives and Institutional Business. Ballard will play a key role in strengthening trading infrastructure, risk frameworks, and institutional capabilities, with responsibilities covering trading risk and exchange technology.Ballard has over 25 years of experience in global financial markets, encompassing derivatives, high-frequency trading, trading risk, market structure, and exchange technology. Before joining Bybit, he worked at Jump Trading, where he led the company's high-frequency futures trading operations in the United States, Europe, the Middle East, Africa, and Latin America, managing portfolios and collaborating with global exchanges and regulators on market structure, trading performance, and infrastructure. During his time at Jump Trading, he also served as a senior trader on the Jump Crypto team, managing centralized exchange trading and driving strategic partnerships related to ecosystem growth.At Bybit, Ballard will enhance the institutional trading experience through market infrastructure, risk management, and product development. Bybit Institutional has introduced professional services such as bank tripartite arrangements over the past year, allowing institutions to manage counterparty risk through regulated custody while retaining full trading authority; the market maker gateway has reduced latency for high-frequency and quantitative clients from 4 milliseconds to 1.5 milliseconds. Starting July 2026, Finloop's AAA-rated USD money market fund FUIDL will be available as trading collateral on Bybit.

According to the latest stock derivatives exchange rankings released by RootData, influenced by factors such as macroeconomic uncertainty and interest rate hike expectations, the 24h trading volume of the top five exchanges has decreased.Binance's 24h trading volume is approximately $14.849 billion, a decrease of 11.66%. Hyperliquid's 24h trading volume is approximately $2.272 billion, a decrease of 19.77%. Gate's 24h trading volume is approximately $1.079 billion, a decrease of 3.33%. OKX's 24h trading volume is approximately $2.796 billion, a decrease of 2.40%. Bitget's 24h trading volume is approximately $1.218 billion, a decrease of 23.69%.

According to CoinDesk, after the U.S. military intensified airstrikes on Iranian targets, Brent crude oil surpassed $93 per barrel, and WTI approached $90 per barrel, pushing the 10-year U.S. Treasury yield up to nearly 4.8%. Risk assets are under pressure, with Bitcoin briefly dropping below $76,500, down more than 1% from midnight, and a nearly 3% correction over the past week.In terms of derivatives, Coinglass data shows that the long-short taker transaction ratio shifted to favor short positions, accounting for about 51.5%, while the overall open interest remained at around 700,000 BTC, indicating that leverage has not significantly increased. The open interest in ETH futures slightly rose alongside a price drop, interpreted as a buildup of short positions. UNI continued to rise, while TRX short positions remained crowded, and the implied volatility of BTC and ETH fell back to previous levels.

The derivatives protocol Variational on the Arbitrum ecosystem has announced the launch of its swaps market, initially including gold (XAU) and the Nasdaq 100 index (US100) markets. Swaps are similar to perpetual contracts in that they provide exposure to the underlying asset, but differ in terms of liquidity sources and holding costs: the holding cost for swaps is based on the USD borrowing interest rate, with long positions currently paying an annualized rate of 4% to 6%, and short positions receiving an annualized rate of 2% to 3%, replacing the more volatile funding rates.The swaps market charges no trading fees, with an initial open contract limit of approximately $10 million per market. The team plans to increase the limit to over $50 million in the coming days, and the initial protocol can support an open contract size of over $1 billion. The team stated that in the coming months, they will continue to raise limits, launch more swaps and perpetual contract markets, introduce trading APIs, and promote around-the-clock liquidity.

The Securities and Exchange Commission of Thailand (SEC) has proposed allowing intermediaries to provide certain digital asset derivatives traded overseas to retail investors. According to the proposal, eligible products must be similar to crypto derivatives traded domestically in Thailand, including aspects such as underlying assets, duration, leverage, and settlement methods. At the same time, these products must be traded on exchanges that adopt central counterparty clearing and are supervised by regulatory bodies belonging to specific international regulatory or exchange organizations.Crypto derivatives that do not meet the above conditions will only be available to institutional investors. The Thai SEC stated that institutional investors are better equipped to assess and manage complex and high-risk products. Current rules only allow intermediaries to provide relevant investment services to retail and high-net-worth clients when overseas derivatives are similar to domestic trading products, while overseas crypto derivatives, due to their varying structures and risk levels, require targeted regulations.This consultation is the latest initiative by Thailand to incorporate crypto-related products into the regulated capital market. The Thai SEC officially designated cryptocurrencies and digital tokens as permissible derivative underlying assets in a notice issued on March 5 and is discussing potential contract specifications with the Thailand Futures Exchange. The consultation will continue until September 30, and the Thai SEC has not yet announced the proposed implementation date for the revisions.

According to the latest ranking of stock derivatives exchanges released by RootData, Binance, Hyperliquid, Gate, Bitget, OKX, Bybit, MEXC, XT.COM, Bitunix, and WEEX are in the top ten.Among them, Binance ranks first with a score of 96.2, holding approximately $3.454 billion, a 24h trading volume of approximately $6.17 billion, and a market share of 41.83%. Hyperliquid ranks second with a score of 95.3, holding approximately $1.761 billion, a 24h trading volume of approximately $1.491 billion, and a market share of 10.11%. Gate ranks third with a score of 95.1, holding approximately $841 million, a 24h trading volume of approximately $990 million, and a market share of 6.71%.

The cryptocurrency protocol Ethena, which issued $4 billion in synthetic US dollars (USDe), announced plans to expand its basis trading strategy to stock perpetual contracts. According to Ethena's data, the open interest in stock perpetual contracts has grown tenfold to $6.2 billion since March. Over the past few months, the funding rates on Hyperliquid and Binance averaged approximately 14% and 17.5%, respectively, while the Bitcoin funding rate during the same period was only in the low single digits.Ethena pointed out that the average Bitcoin funding rate was 11% in 2024, 4.9% in 2025, and has dropped to 2.2% as of August 11 this year. In contrast, stock perpetual contracts had positive funding rates on 94% of trading days on Hyperliquid and 97% on Binance, with a median funding rate of 13.9%, while Bitcoin's was 3.9%. Co-founder Guy Young stated that stocks tend to rise in the long term, creating a continuous demand for leveraged longs to pay fees, and that the funding rate for stocks has almost no correlation with Bitcoin, providing USDe with a revenue source that relies less on the crypto market.The global stock market had a market capitalization of approximately $166.5 trillion in July, far exceeding the crypto market's approximately $2.2 trillion. This expansion is one of Ethena's initiatives to seek new revenue sources after the supply of USDe fell from a peak of about $15 billion to below $5 billion. Last week, it also announced a $1 billion financing arrangement with FalconX.

The Gate stock derivatives section is now online with pre-market trading for the SHEINUSDT perpetual contract, settled in USDT, supporting 1-10x leverage.SHEINUSDT corresponds to SHEIN, a cross-border e-commerce company that is listed with a dual-class share structure in Hong Kong.

Ripple's multi-asset brokerage business Ripple Prime has launched the Delta One service aimed at institutional investors, officially expanding into the U.S. equity derivatives market. This service allows clients to execute total return swaps linked to U.S. listed stocks, indices, and digital assets, and supports cross-asset margin calculations.Noel Kimmel, President of Ripple Prime, stated that this is an important step in the development of Ripple Prime and a natural extension of the platform. The service is primarily aimed at financial institutions such as hedge funds and asset management companies, allowing clients to trade around the clock through a single counterparty. Ripple Prime currently has over $1 billion in regulatory net capital.Ripple Prime was renamed after Ripple's $1.25 billion acquisition of Hidden Road completed in October 2025. In August of this year, Ripple Prime completed a $275 million private placement of senior unsecured notes, and in May, it secured $200 million in debt financing from a fund managed by Neuberger Specialty Finance to expand its institutional lending capabilities.