Quick Breakdown:
- LMAX Group launched Bitcoin and Ether perpetual futures with up to 100x leverage, targeting institutional traders.
- The move highlights growing demand for leveraged crypto derivatives among hedge funds, brokers, and proprietary firms.
- Perpetual contracts dominate global crypto trading, now accounting for over two-thirds of Bitcoin volume.
London-based exchange LMAX Group has entered the leveraged crypto derivatives market with the launch of perpetual futures tied to Bitcoin (BTC) and Ether (ETH), targeting institutional investors seeking high-leverage exposure to digital assets.
Institutional demand for perpetual futures
LMAX, which handles over $40 billion in daily spot trading volume across FX and crypto, said strong client demand for deeper leverage access drove the decision. The new perpetuals offering up to 100x leverage are tailored for proprietary trading firms, hedge funds, and brokers already active on its FX platform.
“Perpetual futures have dominated the crypto market for the last three or four years,”
said LMAX CEO David Mercer.
“Our institutional clients are looking for that kind of exposure.”
Unlike traditional futures, perpetual contracts have no expiry date, allowing traders to maintain leveraged positions indefinitely. The move highlights a broader institutional shift toward derivatives as crypto markets continue to mature.
Perpetuals dominate global crypto trading
Perpetuals accounted for 68% of Bitcoin trading volume in 2025, up from 66% a year earlier, according to Kaiko. Centralized giants Binance, Bybit, and OKX control nearly 70% of open interest, with daily volumes between $10 billion and $30 billion. On peak days, Binance alone has surpassed $80 billion in perpetual trades.
CoinMarketCap data shows perpetuals generated $1.39 trillion in 24-hour trading volume, dwarfing traditional futures at just $670 million. Decentralized perpetual protocols also surged, hitting $20.5 billion in daily trades and a 30-day total of $683.5 billion, according to DeFiLlama. Hyperliquid led the growth with more than $65 billion in weekly activity.
LMAX’s entry signals intensifying competition in the derivatives market, which has become the backbone of crypto liquidity and a gateway for institutional adoption.
Meanwhile, in a broader push to advance artificial intelligence (AI) and digital finance, the United Kingdom and Singapore have formalized a partnership focused on AI development and asset tokenization.
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