Amr Taha2026-11-06

Bitcoin Futures Volume Exceeds Spot by Nearly 11x on Binance as Ratio Falls to Over Two-Month Low

Bitcoin's Spot-to-Futures Volume Ratio on Binance has fallen to 9.2%, approaching its late-February reading of 9.3%, as futures trading volume now exceeds spot volume by nearly 11 times. The indicator measures spot trading volume relative to futures volume. The current reading means just $9.20 is traded in Bitcoin's spot market for every $100 in futures volume on Binance. The May Comparison On May 4, the ratio reached 39.4%, its highest reading in the recent period. Bitcoin was trading near $80,000 before subsequently declining by approximately 28% toward $58,000–$59,000 by late June and early July. Since that May peak, the ratio has declined by 30.2 percentage points, equivalent to a 76.6% contraction. This suggests that trading activity on Binance has become increasingly concentrated in derivatives relative to spot markets, despite Bitcoin's price recovery. Bitcoin's price resilience alongside the current low ratio highlights a markedly different trading structure from May.