Institutional demand drives fintech firm’s move into high-leverage crypto trading
London-based fintech firm LMAX Group has officially expanded into the crypto derivatives market, unveiling perpetual futures contracts for Bitcoin (BTC) and Ethereum (ETH). The products, which allow up to 100x leverage, are designed specifically for institutional traders seeking deeper exposure to the fast-growing digital asset sector.
Institutional Interest in Crypto Perpetuals
LMAX, which processes over $40 billion in daily trading volume across foreign exchange and digital assets, emphasized that the new offering was driven by increasing client demand.
“Perpetual futures have dominated the crypto market for the last three or four years,” said LMAX CEO David Mercer. “Our institutional clients, including proprietary trading firms and brokers, are looking for that kind of exposure.”
Unlike traditional futures, perpetual contracts have no expiration date, making them a preferred tool for both hedging and speculation.
According to market data, perpetual futures now account for 68% of all Bitcoin trading volume in 2025, up from 66% the previous year. Leading centralized exchanges such as Binance, Bybit, and OKX collectively control nearly 70% of open interest, with daily volumes ranging between $10 billion and $30 billion, occasionally peaking at $80 billion.
Data from CoinMarketCap highlights that perpetuals generated $1.39 trillion in trading volume in the past 24 hours, dwarfing traditional futures, which saw just $670 million. On the decentralized side, DefiLlama reports that on-chain perpetual platforms processed $20.5 billion in daily volume, with 30-day activity reaching $683.5 billion.
Growing Competition in the US
LMAX’s move comes as US exchanges also accelerate perpetual futures offerings. Coinbase began providing these products to American customers earlier this year, while the CBOE plans to launch its own version before the end of 2025.
By introducing BTC and ETH perpetual futures with up to 100x leverage, LMAX Group is positioning itself as a major player in a segment that already dominates crypto trading. The expansion underscores how institutional demand is reshaping derivatives markets, bringing traditional finance expertise into the heart of digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.