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- What Crypto’s 9.6x Derivatives-to-Spot Ratio Signals About Market Structure
Digital asset market architecture crossed a definitive threshold in the first quarter of 2026. The traditional relationship between spot markets and leveraged instruments inverted completely. According to CoinGlass, Q1 2026 saw $18.63 trillion in derivatives trading volume compared to just $1.94 trillion in spot transactions. This creates a striking 9.6x ratio. Such a severe imbalance is not an anomaly or a brief speculative spike. It represents the new structural reality of digital finance. Price discovery increasingly appears to be led by futures contracts. This massive volume gap dictates how liquidity behaves across the entire cryptocurrency ecosystem and forces market participants to adapt their strategies to a fundamentally different trading environment. The Mechanics of a Derivatives-Led Ecosystem The mechanics of this 9.6x ratio reveal that leverage now drives global price action. The spot market functions more as a settlement layer rather than the primary venue for speculation. Independent data from CryptoQuant confirms this shift—showing that perpetual futures define market activity with $3.5 trillion in monthly volume. This is over four times larger than the $0.8 trillion registered in spot markets. Binance leads this sector with $1.4 trillion in monthly volume—doubling the $0.7 trillion processed by OKX. This structural reality extends far beyond Bitcoin. Altcoin markets are experiencing a similar rotation into leveraged instruments. Demand for Solana options grew by 35% in 2025, while Cardano options saw a 28% increase during the same period. Investors increasingly prefer capital-efficient instruments to express their market views across the entire token spectrum. Observing these shifts, Binance Co-CEO Richard Teng noted that “as trading activity normalized in Q1, market structure became clearer: derivatives continued to lead price discovery, while liquidity consolidated on platforms able to support scale.” The underlying data supports his observation that “in a lower-volume environment, Binance’s consistent leadership across both spot and perpetual markets reflects the value users place on deep liquidity and reliable execution.” Decentralized and Tokenized Growth Expanding the Ratio This widening derivatives ratio is heavily fueled by new avenues of on-chain finance that provide alternative collateral and trading venues. Decentralized perpetuals are capturing significant market share, showing that complex trading infrastructure can operate directly on blockchains. Decentralized derivatives protocol Hyperliquid reached $492.7 billion in trading volume during Q1 2026 while maintaining an average open interest of $6.0 billion. Simultaneously, the rapid expansion of tokenized real-world assets brings fresh collateral into the ecosystem. The BNB… [TheTopNews] Read More.1 hour ago - Trump Points at Brian Glenn and Tells Reporters, ‘I Don’t Love His Girlfrien...
President Donald Trump roasted a reporter whose girlfriend is former Rep. Marjorie Taylor Greene (R-GA), the conservative firebrand who’s now on the outs with the president. Brian Glenn, the White House correspondent for the conservative Real America’s Voice network, is dating the former lawmaker, who resigned from Congress in January. Greene was highly critical of Trump’s handling of the Jeffrey Epstein files, which have only been partially released by the Department of Justice after Congress passed a law ordering the DOJ to release all the files without redactions, except for the names of victims. She has also been critical of Trump’s foreign policy, especially the Iran war. In response, Trump has called Greene “deranged.” On Thursday, Trump answered reporters’ questions in the Oval Office, where Glenn asked about the president’s demand that the Senate eliminate the filibuster so Republicans can pass the SAVE Act, which would require proof of U.S. citizenship, such as a birth certificate or a passport, to register to vote. Opponents of the legislation say millions of U.S. citizens do not have those documents readily available, and some do not have the documents at all. Senate Majority Leader John Thune (R-SD) has so far rejected Trump’s demand to end the filibuster, which requires 60 votes to overcome to pass most legislation. “They should do it,” Trump told Glenn, stating that a handful of Republicans are refusing to vote to eliminate the filibuster. “And John Thune is a good man. I said to him, “John, just go take a vote. Let’s expose who the people are. But you know, if we got rid of the filibuster, we could vote on the SAVE America Act. Voter ID.” Trump then pointed to Glenn and said, “You know, you act so good. I love this guy. He’s a great guy, even though I don’t love his girlfriend too much.” The president’s crack prompted laughter in the room. Elsewhere in his line of questioning, Glenn told Trump he refers to him as “the peacemaker.” Watch above via CNN.The post Trump Points at Brian Glenn and Tells Reporters, ‘I Don’t Love His Girlfriend Too Much’ first appeared on Mediaite. [TheTopNews] Read More.1 hour ago - Jessica Tarlov Makes the Case For Why NYC Needs Billionaires: ‘We Have To Pres...Fox News host Jessica Tarlov argued that billionaires are crucial to New York City, claiming that “really rich dudes” fund key aspects of the community. Tarlov’s argument came amid a conversation on Thursday’s edition of The Five about Seattle Mayor Katie Wilson’s (D) viral comments that wealthy Washingtonians would flee the state due to her progressive tax policies. The self-avowed communist laughed off the notion, waving goodbye to those who chose to leave. The segment drew a parallel to New York City Mayor Zohran Mamdani’s (D) recent dust-up with billionaire Ken Griffin that saw the mayor praise Griffin’s recent funding of a city memorial after slamming his $238 million New York City home. “Citadel has 2,500 employees. Guess how many dollars they’ve committed to New York City? $2.3 billion in taxes have been paid to New York City because of Citadel. That is Ken Griffin’s company,” noted co-host Kayleigh McEnany. Tarlov later underscored McEnany’s point, claiming that billionaires in Mamdani’s city play a critical role in a host of institutions. “On the philanthropic front, everything that is great– I don’t want to say everything that is great about New York, but when you go to any amazing cultural institution, there is a billionaire’s name on the wall,” she said. “Every hospital. I mean, we lead the world in medicine and medical treatments. And Tish, Langone, all of it, those are really rich dudes who love it here and wanted to give back to those communities. We have to preserve that.” She went on to claim that wealthy New Yorkers should still be taxed, but claimed that forcing them to contribute a much higher amount would go too far. “Doesn’t mean you can’t pay your fair share and blah, blah, blah,” she said. “But X beyond the fair share is excessive.” President Donald Trump spoke out against Mamdani’s wealth tax after the mayor announced the plan earlier this month, posting on Truth Social that Mamdani was “DESTROYING” the city. “Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure. It will only get WORSE. The TAX, TAX, TAX Policies are SO WRONG,” he wrote. “People are fleeing. They must change their ways, AND FAST. History has proven, THIS “STUFF” JUST DOESN’T WORK. Thank you for your attention to this matter! President DJT”The post Jessica Tarlov Makes the Case For Why NYC Needs Billionaires: ‘We Have To… [TheTopNews] Read More.1 hour ago
- Trump Removes Tariffs on Scotch Whisky Following Royal VisitRead the rest of this entry »The post Trump Removes Tariffs on Scotch Whisky Following Royal Visit first appeared on Mediaite. [TheTopNews] Read More.2 hours ago
- ‘Shame On Him!’ Dan Abrams Lambastes Hakeem Jeffries for Calling Supreme Cou...Dan Abrams ripped House Minority Leader Hakeem Jeffries (D-NY) Thursday for calling the U.S. Supreme Court “illegitimate.” Jeffries made the comments after the court ruled 6-3 to erode the landmark 1965 Voting Rights Act that gave voters the ability to challenge electoral maps as “racially discriminatory.” “Today’s ruling by this illegitimate Supreme Court strikes a blow against the Voting Rights Act and is designed to undermine the ability of communities of color all across this country to elect their candidate of choice,” Jeffries said at a Wednesday press conference. President Donald Trump responded on Truth Social, calling Jeffries “a Low IQ individual, who should not be allowed to talk that way about one of the Greatest Institutions anywhere in the World. He should withdraw the statement, IMMEDIATELY!” Abrams, the founder of Mediaite and the host of The Dan Abrams Show on SiriusXM’s POTUS channel, called out the ranking Democrat in the House for attacking the credibility of the high court. “Shame on Hakeem Jeffries! Shame on him for referring to this court as illegitimate!” Abrams said on The Dan Abrams Show. — during a conversation with Sean Trende, senior elections analyst at RealClearPolitics. “You can disagree with the ruling. You can believe it’s a bad ruling. You can believe it has an impact you disagree with and believe is dangerous. But it is even more dangerous to start calling this court illegitimate. The minute we have partisans on both sides referring to this court as illegitimate, we are going to have no arbiter of anything in this country. You want to talk about a constitutional crisis. It’s gonna come because people will think of the court as illegitimate!” Abrams, during his commentary, noted that he has often criticized Trump and other conservatives in the past for attacking the credibility of judges and the courts. But on Thursday he made clear he thinks Jeffries and others on the left deserve the same callout when they make similar remarks. It is so dangerous — and, by the way, I get very upset at the Right when they use similar language about judges in this country. This is not a partisan issue. This is a court that just overturned Trump’s tariffs. This is a court that rejected the conservative independent legislature theory that would’ve been hugely impactful for Republicans. This is a court that has rejected some of the administration’s… [TheTopNews] Read More.2 hours ago
- CNN’s Manu Raju Straight Up Asks GOP Senator About Trump Attack: ‘Are You Di...
Aaron Schwartz/Sipa USA via AP Images CNN’s chief congressional correspondent, Manu Raju, pressed Sen. Bill Cassidy (R-LA) on Thursday afternoon about President Donald Trump’s attack on him earlier in the day. “For months, Senator Bill Cassidy (of the GREAT State of Louisiana!), a very disloyal person whose ‘TRUMP’ Endorsement got him elected, but later voted to impeach ‘President Trump’ on what has now proven to be a total Hoax and Scam, has stood in the way of Robert F. Kennedy Jr.’s Nominee, Casey Means, for the important position of U.S. Surgeon General,” Trump wrote of Cassidy as he announced he was replacing his nominee for surgeon general. As Cassidy was leaving the Capitol, reporters followed after him, peppering him with questions. “Are you very disloyal?” asked Raju. “That is the sort of thing you’re going to gravitate to,” Cassidy replied. “Well, he’s the president, calling you very disloyal. How could I not ask you about that?” Raju pushed back. “Oh my gosh, look at all this. How are y’all? I am going to the airport, so I don’t mean to…” Cassidy said as more reporters joined the group. “What do you say to the president? Are you disloyal to the President of the United States?” Raju followed up. “I am loyal to the United States of America. And I’m going to do my darnedest and work for the President whenever we’re working for the best of the U.S.,” Cassidy replied. “Is he going to knock you out of your Senate seat?” Raju pressed. “I don’t think so,” replied Cassidy. “I mean, you’re not concerned about the president’s opposition to you?” added Raju. “The people in Louisiana are going to vote for someone who’s delivered for Louisiana, and I can look at the things that I’ve delivered for the state of Louisiana. What happened to my driver? It was delivered for the state of Louisiana, and it is far more than any of my opponents,” Cassidy replied. “How do you feel about the primary being moved?” asked another reporter. “It is what it is,” replied Cassidy, referring to Louisiana’s governor potentially delaying the upcoming primaries in order to redistrict the state’s Congressional map. Asked Bill Cassidy about Trump calling him “very disloyal.” "I am loyal to the United States of America,” he told me. Will Trump knock him out of his seat? “I don’t think so,” he said. pic.twitter.com/cN4RQON4pN… [TheTopNews] Read More.2 hours ago
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