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INIT Spot vs Perp Volume

INIT perp vs spot volume: how many dollars of INIT perpetual futures trade for every dollar of spot, on the exchanges where this site records both (Binance and Bybit). A high ratio means leverage is driving the trading; a low one means spot is. Hourly history for 7 and 30 days, daily for all recorded time.

INIT's perp/spot volume ratio is 4.59x over the last 24 hours; there is not enough recorded daily history yet to compare it with its 30- and 90-day range (the server has been collecting for 46 hours). Perps traded $16.28M and spot $3.55M in 24 hours across Binance, Bybit. By exchange, Binance is the most futures-heavy at 5.44x and Bybit the least at 3.02x.

Perp 24h $16.28MSpot 24h $3.55MOutside the top 50 by perp volumeAs of 11:35 UTC

INIT perp / spot 24h
4.59x
perp ÷ spot quote volume
Perp volume 24h
$16.28M
outside the top 50
Spot volume 24h
$3.55M
same exchanges and quote currencies

INIT perp/spot volume ratio

Hourly for 7d and 30d, daily for all

Chart: TradingView Lightweight Charts™

INIT perp vs spot volume

Quote volume per bucket

Chart: TradingView Lightweight Charts™

INIT spot vs perp volume by exchange

24h · most perp volume first
Exchange Perp Spot Perp vol 24h Spot vol 24h Perp / spot
Binance INITUSDT INITUSDT $12.50M $2.30M 5.44x
Bybit INITUSDT INITUSDT $3.77M $1.25M 3.02x

Not counted (no INIT spot market recorded there): Aster, Bitget, Gate, Hyperliquid, KuCoin, MEXC.

How to read it. The ratio is perpetual futures quote volume divided by spot quote volume on the same exchanges, in the same quote currency. Only Binance and Bybit count: they are the exchanges where this site records both markets. A ratio rising above its usual range means leverage is doing more of the trading; a falling one means spot is taking over. Compare with INIT spot vs perp net buying, INIT basis and the ratio for every coin.

INIT spot vs perp volume FAQ

What is INIT's spot vs perp volume ratio?

INIT's perpetual futures quote volume divided by its spot quote volume over the same period, on the exchanges where both markets are recorded here (Binance and Bybit, same quote currency).

Is a high INIT perp/spot ratio bearish?

Not by itself. It means leveraged traders are doing more of the trading than spot holders, which often comes with crowded positioning and can precede sharp moves either way. Read it next to INIT's basis, CVD and funding. Nothing here is financial advice.

Why can the chart differ from the 24h figures?

The figures at the top are the exchanges' own rolling 24-hour volumes, live. The chart is built from the 1-minute bars this site records, per hour or per day, so it has gaps where recording stopped and its buckets start on the hour or at midnight UTC.