The London-based fintech company LMAX Group has announced its entry into the leveraged crypto derivatives market, launching perpetual contracts linked to Bitcoin (BTC) and Ethereum (ETH) for institutional clients.
According to LMAX Exchange, its average daily trading volume in the foreign exchange and digital asset spot markets exceeds $40 billion, and the launch of the new products is driven by client demand for access to high-leverage crypto markets.
LMAX CEO David Mercer added, "For the past three to four years, perpetual contracts have dominated the crypto market. Our institutional clients, including top proprietary trading firms and brokers, are seeking this type of exposure."
Perpetual contracts are financial derivatives that have no expiration date and function similarly to traditional futures contracts. LMAX's products can support leverage of up to 100 times. According to its official website, LMAX operates foreign exchange brokerage services in the UK, Europe, New Zealand, and Mauritius.
Cointelegraph has contacted LMAX Group, and as of the time of publication, no response has been received.
According to data from Kaiko, perpetual contracts dominate crypto trading activity, accounting for 68% of all Bitcoin (BTC) trading volume by 2025, up from 66% last year.
Data from Kaiko shows that major exchanges like Binance, Bybit, and OKX hold nearly 70% of the open contract share for these products, with average daily trading volumes for perpetual contracts ranging between $10 billion and $30 billion, peaking at $80 billion on Binance in a single day.
According to CoinMarketCap data, perpetual contracts have dominated crypto derivatives trading in the past 24 hours, with a trading volume of $1.39 trillion, far exceeding the $670.61 million of traditional futures contracts.
Data from DefiLlama shows that decentralized perpetual platforms processed a total trading volume of $20.5 billion in 24 hours, with a cumulative trading volume of $68.35 billion over 30 days, representing a 16.84% increase from the previous week. Among them, Hyperliquid's seven-day trading volume exceeded $6.5 billion.
As LMAX Group enters the crypto derivatives market, major trading platforms in the U.S. are also promoting retail user participation in the perpetual contract market. Coinbase began offering perpetual contract services to U.S. users in July, and CBOE plans to launch related products in November.
In April of this year, European One Trading launched perpetual contracts compliant with MiFID II standards, currently available only to institutional clients, with plans to expand the product to eligible retail clients.
Related: ARK Invest's bullish position approaches $130 million, with a recent increase of $8.2 million.
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