Total derivatives volume hit $704B+ in the last 24 hours. That's a +10.84% increase in less than 48hrs, and this comes from 115+ derivatives exchanges tracked. (CEXs & DEXs inclusive) If you flip to DEXs, the DeFi volume dominance is at 6.6%, and the leading DEXs in order of hierarchy are: - @PancakeSwap - @Uniswap - @AerodromeFi To add further context here. 1/ The crypto derivatives space is booming. As of 2025, the monthly trading volume soared to $8.94 trillion, dominating the market at around 74% of total crypto trading volume, which was far outpacing spot trading. If you ask me, it reflects both heightened retail activity and increasing institutional involvement. 2/ Ethereum is gaining pressure. In the last 30Days: > +20% increase in DAA > +28% surge un stablecoin TVL > DEX trading volume hit $4.4B which is +126% > $ETH touched 4.3k which is a PA of +44.5% > Touched new fee ATH 1.9M+ July 17th, which is the 3rd highest peak fee generated range we've witnessed this year. In the early phase of Q2 we saw signals where, Ethereum (ETH) derivatives volume surged by 38% to over $110 billion, surpassing Bitcoin’s $84.7 billion. I think we can attribute this spike to the positive SEC commentary, inflows into ETH ETFs, and renewed DeFi interest globally. 3/ DeFi derivatives are growing fast. In July this year 2025, perps protocols processed $399 billion in volume, a 29.6% increase from June’s $281 billion. Yet, when viewed against the broader derivatives market from CEXs, DeFi’s footprint remains modest imo. E.g only @binance alone has done $100B+ in the last 24hrs 4/ @AerodromeFi coming top 3 DEXs signals activity on @base. - TVL been uprising @base + stablecoin Mcap is growing. - DEX volumes nearly touched $11B+ in the last 7D Overall, the broader DeFi ecosystem is expanding rapidly, fueling demand for derivatives as a mature, hedgeable asset class. Anyways, I shared this here because $700B+ moved in a day was worth looking into. Talk soon. <3