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Crypto Trading Volumes Fall 17.5% in September Despite Record Open Interest

Combined spot and derivatives volumes fell 17.5% in September, continuing a four-year seasonal trend

By CoinDesk Data
Updated Oct 10, 2025, 3:23 p.m. Published Oct 10, 2025, 1:00 p.m.
Exchange Review OG September

What to know:

  • Trading activity falls 17.5% in September slowdown: Combined spot and derivatives volumes dropped to $8.12 trillion, marking the first decline after three months of growth. September has now seen reduced trading volume for the fourth consecutive year.
  • Open interest reaches record high despite derivatives market share decline: Total open interest surged 3.2% to $204 billion and peaked at an all-time high of $230 billion during the month.
  • Altcoins on CME outperform as Bitcoin and Ether futures decline: While CME's total derivatives volume stayed flat at $287 billion (-0.08%), SOL futures jumped 57.1% to $13.5 billion and XRP futures rose 7.19% to $7.84 billion. BTC and ETH futures fell 4.05% and 17.9% respectively.

September's trading activity followed familiar seasonal patterns, with combined centralized exchange volumes declining 17.5% to $8.12 trillion after three consecutive months of growth. The slowdown marks the fourth consecutive year of September posting month-over-month declines.

The downturn was most pronounced in derivatives markets, where volumes fell 20.1% to $5.98 trillion - more than double the 9.43% decline in spot trading, which dropped to $2.14 trillion. This move shifted derivatives' market share from 76% down to 73.7%.Despite this volume contraction, total open interest across derivatives exchanges rose 3.2% to $204 billion, reaching a new all-time high of $230 billion during the month.

STORY CONTINUES BELOW
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While overall derivatives volumes fell 20.1%, Coinbase Institutional and Coinbase International surged 147% and 43.0% to $16.9B and $209B respectively. Coinbase International gained the most market share (+1.54% to 3.49%), followed by Gate (+1.11% to 11.3%).

CME's total derivatives volume remained virtually flat, slipping just 0.08% to $287 billion while most competitors faced steeper declines. Alternative asset futures demonstrated notable strength, with Solana SOL$143.79 futures jumping 57.1% to $13.5 billion and XRP futures climbing 7.19% to $7.84 billion. CME also maintained its strong position in open interest rankings at 16.6%, trailing only Binance's 19.3% market share.

Gate emerged as September's breakout performer in the spot market, with volumes surging 20.1% to a yearly high of $117 billion. This counter-cyclical growth pushed Gate's spot market share to an all-time high of 5.47% - a substantial monthly gain of 1.35%. Year to date, Gate leads all exchanges with a 2.87% market share increase. Bybit spot volumes followed, rising 3.17% to capture 6.03% market share, while MEXC Global increased 1.89% to 5.88% market share.

Continue reading the full Exchange Review below.