Volume Monitor
Live crypto data · 10 exchanges

Spot vs Perp Volume Ratio

How much of a coin's trading happens in perpetual futures rather than on spot: 24-hour perp quote volume divided by spot quote volume on the same exchanges. A high ratio means leverage is doing the trading (speculation, hedging, froth); a low ratio means spot buyers and sellers are. Only exchanges where this site records both spot and perp markets count: Binance and Bybit.

438 coins trade both spot and perpetual futures on Binance or Bybit; together their perps turned over $64.00B in 24 hours against $8.90B spot, a perp/spot volume ratio of 7.19x. Among the top 50 by perp volume, HYPE is the most futures-heavy at 17.56x and XAUT the most spot-led at 1.49x.

438 coins with spot and perpBinance + BybitMarket ratio 7.19xAs of 08:12 UTC

Perp / spot volume 24h
7.19x
every coin with both markets
Perp volume 24h
$64.00B
Binance + Bybit, paired markets
Spot volume 24h
$8.90B
same exchanges and quote currencies
Coins
438
with a spot and a perp market on one exchange

BTC perp/spot volume ratio

Perp ÷ spot quote volume

Chart: TradingView Lightweight Charts™

ETH perp/spot volume ratio

Perp ÷ spot quote volume

Chart: TradingView Lightweight Charts™

All coins: perp/spot volume ratio

Every coin with a spot and a perp market

Chart: TradingView Lightweight Charts™

Top 50 coins by perp volume

24h, Binance + Bybit · ratio = perp ÷ spot
Coin Perp vol 24h Spot vol 24h Perp / spot 30d average Z-score
1BTC $18.59B $2.45B 7.58x — —
2ETH $15.69B $1.29B 12.18x — —
3SOL $3.63B $364.06M 9.98x — —
4ZEC $3.18B $392.83M 8.10x — —
5QNT $2.28B $242.88M 9.38x — —
6XRP $2.20B $371.53M 5.92x — —
7HBAR $1.43B $281.09M 5.07x — —
8NEAR $1.42B $308.21M 4.61x — —
9HYPE $1.02B $58.26M 17.56x — —
10LINK $960.87M $191.60M 5.01x — —
11SUI $792.40M $247.62M 3.20x — —
12DOGE $724.15M $100.79M 7.18x — —
13UNI $601.20M $116.88M 5.14x — —
14WLD $537.47M $88.86M 6.05x — —
15ENA $536.26M $84.52M 6.35x — —
16PUMP $514.99M $70.53M 7.30x — —
17BNB $476.40M $129.93M 3.67x — —
18ONDO $459.15M $83.07M 5.53x — —
19AVAX $412.92M $88.60M 4.66x — —
20XLM $387.01M $90.15M 4.29x — —
21ADA $351.82M $65.01M 5.41x — —
22PEPE $320.93M $41.45M 7.74x — —
23LTC $309.66M $65.03M 4.76x — —
24AAVE $287.88M $46.23M 6.23x — —
25NMR $271.79M $26.88M 10.11x — —
26ARB $268.70M $35.07M 7.66x — —
27TAO $255.89M $53.05M 4.82x — —
28MARSCOIN $222.92M $48.93M 4.56x — —
29ALGO $206.93M $40.73M 5.08x — —
30BCH $179.16M $25.05M 7.15x — —
31TRUMP $170.40M $21.88M 7.79x — —
32FIL $169.99M $20.71M 8.21x — —
33PENGU $164.33M $21.18M 7.76x — —
34XPL $156.02M $31.59M 4.94x — —
35CRV $150.37M $22.88M 6.57x — —
36SEI $119.96M $22.80M 5.26x — —
37XAUT $117.82M $79.15M 1.49x — —
38PAXG $111.99M $18.27M 6.13x — —
39MUBARAK $110.39M $24.07M 4.59x — —
40DASH $105.31M $28.62M 3.68x — —
41DOT $100.37M $18.41M 5.45x — —
42VIRTUAL $99.64M $18.70M 5.33x — —
43INJ $97.00M $16.97M 5.72x — —
44牛来 $93.88M $21.47M 4.37x — —
45ZRO $91.51M $13.89M 6.59x — —
46ICP $87.46M $21.63M 4.04x — —
47ONE $87.22M $9.90M 8.81x — —
48GRAM $85.83M $43.51M 1.97x — —
490G $80.53M $16.99M 4.74x — —
50AERO $80.46M $16.32M 4.93x — —

Every coin with spot and perp markets

438 coins · most perp volume first

BTC · ETH · SOL · ZEC · QNT · XRP · HBAR · NEAR · HYPE · LINK · SUI · DOGE · UNI · WLD · ENA · PUMP · BNB · ONDO · AVAX · XLM · ADA · PEPE · LTC · AAVE · NMR · ARB · TAO · MARSCOIN · ALGO · BCH · TRUMP · FIL · PENGU · XPL · CRV · SEI · XAUT · PAXG · MUBARAK · DASH · DOT · VIRTUAL · INJ · 牛来 · ZRO · ICP · ONE · GRAM · 0G · AERO · FET · APT · JUP · ASTER · OP · ETC · SHIB · TIA · ATOM · ETHFI · GRT · TRX · LSK · IOTA · BONK · MON · LDO · POL · JTO · PENDLE · GRASS · PHA · WIF · RENDER · RUNE · ZEN · WLFI · SAGA · STRK · PYTH · MET · NIL · PONS · ZAMA · SKY · SYRUP · MORPHO · W · AR · LIT · CAKE · GALA · EIGEN · COTI · VVV · FF · APE · 2Z · RARE · BOME · ORDI · JASMY · FLOCK · ACE · SAND · MINA · STX · PLUME · CHIP · CELO · KAITO · KMNO · AZTEC · PEOPLE · AXS · NIGHT · ENS · VET · IMX · ALICE · ARK · LINEA · MNT · PROM · OPN · CC · GIGGLE · CHZ · G · ARKM · EGLD · CFG · KAVA · SUSHI · TRB · PARTI · COMP · BIO · HUMA · ORCA · FLOKI · LA · TUT · KITE · MAGIC · INIT · DYDX · NEIRO · ALLO · VTHO · SPX · RE · BROCCOLI714 · IOST · SYN · ZK · BANK · ARX · GPS · MANA · BERA · JST · CVX · SPK · MMT · S · MEGA · FORM · FOGO · HEMI · KII · ONG · GENIUS · SAHARA · DEXE · NOM · EDEN · XAI · CAP · KAS · A · XDC · OPG · ME · CFX · 1INCH · IO · PNUT · BABY · F · SOPH · AIXBT · REZ · NEO · AVNT · 币安人生 · COW · BICO · BB · SNX · MEME · THETA · APEX · PROVE · SENT · ENSO · TURBO · T · AVA · LUNC · SIGN · XTZ · YFI · HOME · MOVR · SUPER · NOT · ROBO · ALT · RED · BIGTIME · XVG · ROSE · TST · LPT · TNSR · ENJ · CVC · TWT · FLOW · WAL · ESP · METIS · JOE · ID · BAT · MANTRA · RVN · MOVE · EUL · HEI · SUN · CHR · SPELL · BR · STEEM · ANIME · CELR · DUSK · C · KERNEL · SOMI · ZKC · EPIC · DYM · GMT · ZBT · EDGE · USUAL · SATS · PIEVERSE · KAIA · NXPC · RSR · H · POPCAT · RESOLV · PIXEL · AGLD · DATA · AXL · ZIL · MIRA · MITO · ACH · PORTAL · OPEN · QTUM · DOGS · CYBER · LUMIA · ONT · SKL · VELODROME · WOO · ERA · TREE · LAYER · HOLO · SXT · RIF · BEAMX · BLUR · SSV · TOWNS · HYPER · TLM · GMX · POLYX · API3 · BNT · ANKR · WAVES · AGI · BARD · ASTR · C98 · B3 · EDU · LISTA · MTL · KSM · MANTA · KAT · HOT · YGG · BILL · FIDA · STABLE · VANA · MASK · XEC · FLUX · CKB · AIGENSYN · RONIN · DIA · WCT · ZKP · THE · SOLV · OG · POWR · HMSTR · AUCTION · WAXP · BMT · BABYDOGE · SCR · ZRX · SKR · GUN · YB · ATH · DOOD · DEEP · GAS · HNT · RLC · ILV · MOG · HIVE · STO · CETUS · ASR · TAIKO · BANANAS31 · AEVO · CATI · ZETA · ZORA · LQTY · CTSI · DRIFT · IOTX · COOKIE · BLAST · CGPT · SAPIEN · AWE · UMA · AT · BEL · ACT · ARPA · BAND · BANANA · KNC · BREV · SHELL · HAEDAL · VELO · CAT · FRAX · BRETT · XVS · OGN · BSB · PUFFER · PUNDIX · FLR · GLM · USTC · BTT · NEWT · ELSA · RPL · GTC · DOLO · ZEREBRO · SFP · TURTLE · SLP · GOAT · ALPINE · MAV · TRIA · SANTOS · CORE · CHEEMS · SLX · ALCH · BASED · XAN · CHILLGUY · AIOZ · TOSHI · MEW · SQD · BAN · MAVIA · ORDER · CTK · SOSO · MERL · CARV · CTC · FIGHT · MOCA · SAFE · SONIC · BIRB · FLUID · RECALL · BLEND · FHE · ICNT · TA

How to read it. The ratio is 24-hour perpetual futures quote volume divided by spot quote volume, counting only markets that have a partner on the same exchange in the same quote currency (e.g. Binance BTCUSDT perp and BTCUSDT spot). Binance and Bybit are the only exchanges where this site records spot markets, so Hyperliquid and the other futures venues are left out. A ratio above its 30-day average (positive z-score) means perps are doing more of the trading than usual, often a sign of leverage building up; a negative z-score means spot is taking over. The charts come from this site's own hourly bars. See also the CVD screener for spot vs perp net buying and the basis screener for the price gap.

Spot vs perp volume FAQ

What is the spot vs perp volume ratio?

Perpetual futures quote volume divided by spot quote volume over the same 24 hours, on the same exchanges and in the same quote currency. A ratio of 5x means five dollars of perp volume traded for every dollar of spot.

What does a high ratio mean?

That leveraged traders, not spot buyers and sellers, are doing most of the trading. A ratio well above a coin's own average often goes with crowded positioning, rising open interest and stretched funding, which can unwind fast. A falling ratio means spot is taking over. Compare a coin with its own history: some coins always trade mostly as perps. Nothing here is financial advice.

Which exchanges are included?

Only exchanges where this site records both the spot and the perpetual market of a coin: Binance and Bybit. A perp counts only next to a spot market on the same exchange with the same quote currency (BTCUSDT perp with BTCUSDT spot), so the two sides always describe the same venue.

How are the 30-day average and z-score calculated?

From this site's own hourly bars: the ratio for each of the last 30 closed UTC days, averaged. The z-score is how many standard deviations today's 24-hour ratio sits above (+) or below (-) that average. Both need at least 7 days of recorded history.