The Fintech company based in London LMAX Group entered the market for leverage cryptographic derivatives, revealing perpetual term contracts linked to bitcoin and ether intended for institutional customers.
The exchange, which reaches an average of more than $ 40 billion in daily punctual volume on FX and digital assets, said that this decision was motivated by the customer’s demand for leverage access to cryptographic markets, according to a Bloomberg Wednesday report.
“Perpetual future has dominated the cryptography market in the past three or four years,” said LMAX CEO David Mercer. “Our institutional clients, including the main owner and brokers business companies, are looking for this type of exhibition,” added Mercer.
Perpetuals are a type of financial derivative which works as a traditional term contract but without expiration date. The LMAX offer will allow up to 100x lever. LMAX operates Forex brokers in the United Kingdom, Europe, New Zealand and Mauritius, according to its website.
Cointelegraph contacted the LMAX group to comment, but had not received an answer by publication.
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Perps dominates the volume of Crypto trading
Perpetual term contracts dominate crypto trading activity, which has so far represented 68% of all Bitcoin volume (BTC) in 2025, against 66% last year, according to Kaiko.
The main exchanges like Binance, Bybit and OKX hold almost 70% of the open interest in these products, with daily perr volumes varying between $ 10 and 30 billion, and the advanced days reaching $ 80 billion on the binance alone, by Kaiko.
According to CoinmarketCap data, perpetuates have dominated cryptography derivatives exchanging in the past 24 hours with 1.39 dollars in volume, far exceeding traditional term contracts, which have only experienced $ 670.61 million.
Meanwhile, according to Defillama data, decentralized perpetual platforms have collectively treated $ 20.5 billion in 24 hours a day, with a total increase of $ 683.5 billion, reflecting a weekly overvoltage of 16.84%. Hyperliquid alone has contributed to more than $ 65 billion in volume of seven days.
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Perps arrives in the United States
The LMAX group’s push on the cryptographic derivative market is involved while the main American sites move to provide detail access to a perpetual future. Coinbase began to offer perps to American customers in July and the CBOe plans to launch its version in November.
In April, one trading in Europe launched perpetuates in accordance with Mifid II, although the offer is limited to institutional customers. The platform plans to extend the product to eligible retail customers.
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