derivatives

Totalis announced the completion of a $500,000 seed round financing on platform X, with participation from Y Combinator.Totalis is the first company to receive investment from Y Combinator entirely in the form of USDC, with the funds settled through the Solana network and hosted by Ramp. Totalis positions itself as the core derivatives layer of the prediction market, allowing users to build multi-colored combinations across categories, markets, and venues, covering geopolitical, cryptocurrency, and sports assets, aimed at enhancing capital efficiency in trading and market-making.According to Y Combinator CEO Garry Tan, YC will make investment payments in stablecoins in the future, and this new financial track of revolution will not be conducted through ACH or wire transfers.

The Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice submitted documents to a federal court on Tuesday, requesting to block Arizona from applying its gambling laws to the prediction market operator Kalshi.Federal regulators argue that contracts linked to sports events, elections, and other real-world events fall under a financial derivative known as "swaps," which should be subject to federal regulation under the Commodity Exchange Act, rather than governed by state gambling laws. Arizona had previously filed criminal charges against Kalshi under state gambling laws, with a hearing scheduled for April 13.The federal appeals court in New Jersey had previously ruled in favor of Kalshi, determining that its sports contracts are presumed legal under federal law in the absence of CFTC intervention, but courts in other jurisdictions have allowed state-level enforcement actions to proceed. If the court ultimately accepts the CFTC's position, prediction markets could operate nationwide under a unified federal framework.

According to BBX data, based on official market announcements and corporate regulatory documents, the latest developments in the compliance infrastructure of global brokerage giants and the financial strategies of mining companies are as follows:Charles Schwab clarifies the spot trading timetable: The Charles Schwab Corporation (NYSE: $SCHW) President and CEO Rick Wurster officially confirmed in a letter to shareholders this Monday that Charles Schwab will launch spot trading services for Bitcoin and Ethereum in the first half of 2026. The plan will undergo a limited rollout in the second quarter (Q2), followed by a full expansion to its large customer base.CME derivatives compliance expansion: CME Group Inc. (NASDAQ: $CME) announced that, given the record average daily nominal trading volume of $8 billion for its crypto derivatives in March this year, the company has decided to further enhance its crypto strategy by officially launching futures contracts for Avalanche (AVAX) and Sui (SUI) on May 4, including standard and micro versions.Core Scientific plans to fully liquidate Bitcoin reserves: Core Scientific, Inc. (NASDAQ: $CORZ) in its latest 10-K annual and quarterly regulatory filings provided Wall Street with extremely clear guidance: during 2026, the company expects to "substantially monetize all" of its Bitcoin reserves to enhance liquidity and fund planned capital expenditures. This means the company will completely transform into a spot seller, liquidating its digital treasury to purchase the hardware needed for AI transformation.

According to analyst Darkfost's data, after the news of a two-week ceasefire between the United States and Iran, Bitcoin saw an active buying volume of $2.7 billion (taker orders) in the Binance derivatives market within two hours.Analysts pointed out that the easing of geopolitical events pushed the price of Bitcoin up to around $71,700, indicating that investors are optimistic about risk assets in the short term, but are still influenced by subsequent geopolitical developments.

The research report on cryptocurrency market share for the first quarter of 2026 published by CoinGlass shows that the total trading volume in the spot market for the first quarter was approximately $1.94 trillion, while the trading volume for derivatives was about $18.63 trillion, totaling around $20.57 trillion, with a ratio of derivatives to spot trading volume of about 9.6 times.In terms of core indicators, Binance's derivatives trading volume reached approximately $4.9 trillion, accounting for about 34.9% of the top ten exchanges; the average daily open interest was approximately $23.9 billion, accounting for about 29.9%; and user asset reserves were approximately $152.9 billion, accounting for about 73.5% of major centralized exchanges.In terms of derivatives trading volume, Binance, OKX, Bybit, Gate, and Bitget ranked in the top five. In the dimension of open interest, the second tier ranking changed to Bybit, Gate, OKX, and Bitget. In terms of user asset reserves, only OKX had reserves exceeding $10 billion after Binance, while Gate, Bitget, and Bybit had reserves ranging from $5 billion to $7 billion.

According to Cryptoquant analyst Darkfost, there has been a significant market pattern shift in Ethereum derivatives, the first since the bear market of 2023. Darkfost pointed out that while the net trading volume of ETH has been negative for most of 2023, it has now turned positive. Currently, this metric shows that buying pressure is dominant, with a buying amount of $104 million.It is noteworthy that even when Ethereum's price was close to new highs previously, this metric indicated that selling pressure remained very strong, but now this situation seems to be changing.Darkfost believes that due to the positive buying pressure facing Ethereum, this could help form a stronger bottom. If this dynamic continues, and the spot market and ETFs begin to support this trend, Ethereum may potentially resume its upward trend.

VanEck's research director Matthew Sigel analyzed in a post on the X platform that the current protective demand in the Bitcoin derivatives market has risen to the historical 99th percentile, which is typically seen as a "contrarian buy signal" under extreme risk-averse market sentiment, and he judges that the market is currently suitable for establishing long positions.The VanEck Digital Transformation ETF (NODE), which Matthew Sigel also manages, has risen 27% since its inception, while Bitcoin has fallen 33% during the same period, achieving lower volatility performance through diversified allocation and focusing on profitable sectors. However, he also warns that if the massive capital expenditures in the artificial intelligence (AI) sector do not generate corresponding returns, it could pose substantial pressure on the market, especially in the context of a concentration in S&P 500 constituents.Note: Percentile is a statistical position concept, with the 99th percentile representing a relatively extreme level, and the 50th percentile representing the median level.

CryptoQuant analyst Axel Adler Jr stated, "The Bitcoin Position Index is a comprehensive indicator that measures the aggressiveness of long/short positions in the derivatives market, reflecting the current actual opening direction of futures market participants.The 30-day simple moving average (SMA-30d) of this index reached a local high of +3 on March 17 when the Bitcoin price was $73,925, and has since continued to decline, now down to -3.1. This reflects a sustained accumulation of short positions. During the same period, the Bitcoin price fell from $74,883 to $66,603, with the SMA-30d declining in sync with the market price, further confirming a weakening market structure.The liquidation oscillation indicator rebounded from 2.9% in mid-March and has continued to rise, reaching 18.6% as of now. This indicates that the market is continuously generating forced liquidations on the long side, preventing structural recovery. The red bars dominated by short liquidations have not appeared since October 2025. As long as the 30-day moving average (30DMA) remains high and the significant red bars do not return, the pressure on long positions will persist. If the 30DMA reverses downward, it will be the first signal that liquidation balance begins to recover. The reversal of both indicators occurring simultaneously will confirm each other.The Bitcoin price has cumulatively dropped about 11% from the peak of $74,883, and the current derivatives market structure shows no foundation for a sustained reversal: shorts dominate, longs continue to be cleared, and short squeeze scenarios are almost nonexistent. Current operational stance: avoid risk. The main downside risk is: if the pressure from forced liquidations continues and the position SMA-30d remains below the zero axis, the bearish pattern will further solidify, and the downward pressure on Bitcoin price will intensify if it breaks below $66,000.

Lighter founder and CEO Vladimir Novakovski stated during the Q1 investor conference call that Lighter has initiated the application process for on-chain derivatives trading licenses, as it is not feasible to attract large traditional financial institutions like Citadel without a license.

According to the official announcement, Binance has launched 13 new AI Agent skills, and the AI Agent can now access the full range of Binance products: from advanced derivatives trading and algorithm execution to fiat, payments, yield generation, and tokenized securities.Through a unified interface, the AI Agent can now fully execute end-to-end workflows ------ from research and discovery to trading, settlement, and portfolio management, without the need to switch any tools.

According to Cointelegraph, the Dubai Virtual Assets Regulatory Authority has released a formal regulatory framework for cryptocurrency exchange-traded derivatives, allowing retail customers to participate in trading after a suitability assessment.The new regulations cover requirements such as customer suitability, leverage and margin controls, asset segregation, disclosure standards, and regulatory intervention powers. The leverage limit for retail investors is set at 5 times, and exchanges must restrict access when products are deemed unsuitable for specific customer groups. VARA stated that during periods of market stress or trading disruptions, regulators have the authority to take intervention measures, including suspending products, requiring liquidation, increasing margin requirements, and in emergencies, demanding immediate action without prior notice.

The Federal Court of Australia ordered Binance's Australian derivatives division (i.e., Oztures Trading Pty Ltd) to pay a fine of AUD 10 million (approximately USD 6.9 million).During the period from 2022 to 2023, the entity incorrectly classified over 85% of local customers as wholesale investors, resulting in 524 retail customers being exposed to high-risk crypto derivatives without statutory consumer protections, leading to trading losses of approximately AUD 8,660,000 (about USD 5.9 million) and fee losses of AUD 3,900,000 (about USD 2.7 million). Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that Binance failed to establish basic compliance review mechanisms and incorrectly approved hundreds of wholesale investor applications. According to the fact statement submitted to the court, Binance acknowledged flaws in its customer onboarding process, allowing applicants to repeatedly take the eligibility test until they passed, and that senior compliance personnel inadequately reviewed application materials. Binance admitted to six violations, including failing to provide product disclosure statements to retail customers, not conducting target market assessments, and not maintaining a compliant internal dispute resolution system. This fine is in addition to approximately AUD 13.1 million (about USD 9 million) in customer compensation previously supervised by ASIC. The entity's Australian financial services license was revoked in April 2023.

According to market news, the Federal Court of Australia has ordered Oztures Trading Pty Ltd (i.e., Binance Australia Derivatives) to pay a fine of 10 million AUD (approximately 6.9 million USD). The court found that the company incorrectly classified over 85% of its Australian customers as wholesale clients between July 2022 and April 2023, resulting in 524 retail investors accessing high-risk crypto derivatives without the necessary protections, leading to a total trading loss of 6.3 million USD and 2.6 million USD in fees.Binance also acknowledged multiple compliance violations, including failing to provide product disclosure statements to retail clients, not completing target market determinations, and not establishing a compliant internal dispute resolution mechanism. This fine is an additional penalty based on a customer compensation order of approximately 9 million USD issued in November 2023. Currently, the Australian Securities and Investments Commission (ASIC) has made a statement regarding this case, and Binance has not yet responded to requests for comment.

According to Cointelegraph, Japan's Financial Services Agency has issued warning letters to multiple companies, including KuCoin, for engaging in over-the-counter derivatives trading without registration.In its latest list, the FSA stated that KuCoin, NeonFX, theoption, and GTCFX were notified for "soliciting over-the-counter derivatives trading via the internet." Among them, KuCoin, headquartered in Seychelles, is listed as providing services to Japanese residents. The FSA had previously issued similar warnings to exchanges such as KuCoin and Bybit in November 2024 and requested Apple and Google to suspend downloads of the KuCoin app in February 2025.

According to the latest cryptocurrency weekly report released by Gate Ventures, the market overall faced pressure and retracement in the past week, with BTC and ETH dropping by 6.8% and 5.8% respectively, and the Fear and Greed Index falling to 8, entering the "extreme fear" zone.Despite the weak price performance, the funding situation remains resilient, with BTC and ETH spot ETFs recording net inflows of approximately $767 million and $161 million respectively, indicating that institutional funds are still actively positioning. Overall, the total market capitalization of the cryptocurrency market has declined by about 5.5%, with the market in a phase of emotional recovery and structural differentiation.On the macro level, the Fed maintained interest rates, and the situation in the Middle East has driven up energy prices, increasing market concerns about stagflation risks. Meanwhile, the integration of traditional finance and the cryptocurrency market continues to deepen, with Morgan Stanley and Grayscale respectively advancing Bitcoin and Hyperliquid ETF-related layouts. Exchanges are also relaxing restrictions on related derivatives trading, further broadening institutional participation pathways. In addition, the trend of institutionalization in the prediction market sector is accelerating, with Kalshi completing over $1 billion in financing, reaching a valuation of $22 billion.In terms of investment and financing, a total of 11 transactions were completed last week, with a disclosed total financing amount of $1.18 billion, of which the infrastructure sector accounted for 64%, being the main flow of funds. Overall, against the backdrop of increased market volatility, funds continue to flow into core infrastructure and emerging narrative sectors, maintaining robust momentum for long-term industry development.

The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael S. Selig, announced the establishment of an Innovation Working Group aimed at developing clear regulatory rules for innovators creating new products and technologies in the U.S. derivatives market.This Innovation Working Group will collaborate with the Innovation Advisory Committee to advance the development of a clear regulatory framework, focusing on three areas: (i) crypto assets and blockchain technology; (ii) artificial intelligence and autonomous systems; and (iii) prediction markets and event contracts.The responsibilities of the working group include advancing the Commission's innovation agenda and collaborating with federal agencies and departments, including the U.S. Securities and Exchange Commission (SEC) and its cryptocurrency working group, to promote various innovation initiatives. The working group will be led by the Chairman's Senior Advisor, Michael J. Passalacqua.

EDXM International, a cryptocurrency exchange supported by Citadel Securities, announced plans to launch a perpetual contract product linked to the Korean won in April, directly entering the world's largest offshore Korean won derivatives market: the non-deliverable forward (NDF) market, which has an average daily trading volume of approximately $27 billion.The product is based on the offshore Korean won stablecoin KRWQ, issued by Brainpower Labs, registered in the Cayman Islands, in October 2025. Traders can bet on the KRWQ/USDC exchange rate by going long or short, with all transactions settled in USDC, avoiding the actual delivery of Korean won and circumventing South Korea's capital control restrictions. EDXM CEO Kai Kono stated that costs are 50% to 75% lower than traditional NDFs and support instant settlement.The South Korean Financial Services Commission did not comment on this. Some believe that if the product attracts significant institutional funds, the long-stalled digital asset legislative process in South Korea may face greater pressure.

According to Cointelegraph, after Trump announced a temporary easing of tensions with Iran and sought negotiations, Bitcoin briefly rose by 4%, while oil prices subsequently fell by 14% to $85 per barrel for WTI, and the S&P 500 index rose by 3%. However, Bitcoin derivatives data continues to raise doubts, and the market lacks confidence in the $68,000 support level.In the futures market, the annualized premium for Bitcoin's 2-month futures reported 2% on Monday, below the typical range of 4% to 8% corresponding to longer settlement periods under neutral conditions, indicating insufficient demand for long leverage. This lack of confidence has persisted over the past month, even though prices briefly rebounded to around $76,000 previously.In the options market, the $80,000 call option expiring on April 24 on the Deribit trading platform was priced at 0.017 BTC (approximately $1,207), and under the conditions of a 31-day expiration and 48% implied volatility, the market priced the probability of Bitcoin rising to $80,000 during this period at only 20%. Such a low expectation for a 13% increase within the month is rare in the typically optimistic crypto market.The Federal Reserve's stance on pausing interest rate cuts makes it difficult for investors to exit fixed-income positions, and traders are likely to remain cautious until oil prices fall to $75 or below. Unless additional catalysts emerge, the likelihood of Bitcoin traders turning bullish is low, especially in the context of ongoing lack of conviction in on-chain data and derivatives indicators.

According to Financefeeds, the decentralized derivatives platform Hyperliquid saw a trading volume of approximately $15 billion in the past week, with commodity-related contracts being the main driver of this volume.Perpetual contracts for commodities such as crude oil, gold, and silver continue to dominate the most active trading markets, with crude oil perpetual contracts exceeding $1.2 billion in 24-hour trading volume on certain trading days, and silver perpetual contracts averaging about $1.25 billion in daily trading volume. The platform's total daily trading volume once reached $15 billion, with a significant increase in the share of non-crypto market trading.Hyperliquid's HIP-3 framework allows for the creation of perpetual contracts linked to various assets such as commodities, stocks, and indices, driving trading activity to diversify rapidly from traditional crypto pairs like Bitcoin and Ethereum.