Perpetual / Spot Volume Ratio
Daily Binance perpetual vs spot quote volume with the perp/spot ratio line · up to 1 year of history
BTC Perp/Spot Volume Ratio
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Source: Binance daily quote volume (perpetual vs spot) · a rising ratio = speculation increasingly dominated by leverage
About the Perp/Spot Volume Ratio
What does the perp/spot ratio indicate?
It shows how much trading happens with leverage relative to real spot demand. A high ratio means derivatives speculation dominates; a low ratio means spot flows lead.
Why does the ratio spike during volatile moves?
Liquidation cascades and leveraged repositioning multiply derivatives turnover much faster than spot volume, so the ratio spikes in panic or squeeze events.
Which markets are counted?
The chart compares the same trading pair's USDT perpetual and spot markets on Binance, using daily quote (USD) volume.
Ratio = perpetual quote volume ÷ spot quote volume per day, same symbol on Binance.