Trading term

What is Perp-to-spot volume ratio?

The perp-to-spot volume ratio is dollars traded on a coin's perpetual futures contract divided by dollars traded on its spot pair over the same period. On Binance bitcoin's daily ratio sits near 8: about nine dollars in ten of turnover are on the perpetual. It says where the dollars traded, not how much leverage was behind them.

Exchanges publish a daily volume for the spot pair and for the perpetual, both in quote currency, so dividing one by the other is a clean comparison of the two markets for the same coin. The ratio has climbed structurally — bitcoin's median on Binance was about 4 in 2020 and 9 in 2026, ether's 2 and 13 — so a reading is only meaningful against the coin's own recent history, and a threshold from one year is wrong in the next. Traders read it as a quality gauge on a move: a rally with the ratio below normal is called 'spot-led' (real coins bought, healthy) and one above normal 'perp-led' (leverage, fragile). Six and a half years of Binance data do not support the labels. On bitcoin the month after a spot-led 3% up day averaged +4.7% and after a perp-led one +5.1%; ether and solana disagree with each other on which is better, and the sign flips from year to year. Two things the ratio does show: it falls on big days, because spot volume rises more than perp volume on a 5% move, and it rises at the end of a fall, because spot goes quiet first.

For example

On 10 October 2025 bitcoin's Binance perpetual traded $45.1bn and its spot pair $7.3bn, a ratio of 6.1 against a trailing 90-day median of 8.3. The largest liquidation cascade in the record was, by this measure, a more spot-heavy day than usual — the forced selling ran through the perpetual and the buying of what it sold happened in bitcoin.

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Why it matters to you

It is the one number that checks the assumption under every other perpetual metric: that the perpetual is where the market is. It also carries the clearest lesson in venue-level volume — the biggest move bitcoin's ratio ever made was a nine-month fee promotion, not a change in demand — so it teaches you to check an exchange's pricing before reading its volume.

⚠ Reading a rising ratio as froth

A ratio well above its 90-day median has usually arrived after a losing month, because spot volume dries up after a fall faster than perpetual volume does. In the data the month that followed was, on average, a recovery — +5% on bitcoin, up 60% of the time. The reading describes a drawdown that has already happened; it is not a warning of one to come.

Frequently asked questions

What is the perp-to-spot volume ratio?

Perpetual futures volume divided by spot volume for the same coin over the same period, both in dollars. A ratio of 8 means eight dollars traded on the perpetual for every one on spot, a perp share of about 89%.

What is a normal perp-to-spot ratio?

It depends on the coin and the year. On Binance in 2026 bitcoin's daily median is about 9, ether's 13 and solana's 8, and all three have roughly doubled since 2020. Judge a reading against the coin's own last 90 days rather than a fixed number.

Does a spot-led rally last longer than a perp-led one?

Not in six years of Binance data. Bitcoin's next 30 days averaged the same after either kind of 3% up day, ether favoured perp-led, solana favoured spot-led, and the winner changed from year to year on all three. The label describes the day; it does not forecast the month.

Read the full guide

DerivativesHow to Read Spot vs Perp VolumeNine dollars in ten of bitcoin's turnover now trade on the perpetual, up from eight in 2020. The perp-to-spot volume ratio is read as a leverage gauge: spot-led rallies healthy, perp-led ones fragile, a rising ratio froth. Six and a half years of Binance data say the biggest move in the series was a fee promotion, the big day pulls in more spot than perp, and neither label forecasts the month ahead.11 min read

Related terms

BackwardationBackwardation is when futures prices are lower for later delivery dates — the futures curve slopes downward. It often signals tight near-term supply or strong demand for immediate delivery. For futures holders it creates a positive 'roll yield,' as they sell pricier near-term contracts and buy cheaper later ones.BasisBasis is the difference between an asset's futures price and its current spot (cash) price. It reflects carrying costs, supply and demand, and time to expiry — and it converges to zero as the contract nears expiration, since a future about to settle must match the spot price. Traders watch basis to gauge conditions and to hedge.Borrow feeThe borrow fee is what a short seller pays to rent the shares they've borrowed, quoted as an annual rate on the value of the position and charged for every day the short is held. An easy-to-borrow stock might cost a fraction of a percent a year; a hard-to-borrow one can cost many times that.Cash-and-carryA cash-and-carry is a trade that buys an asset and sells a dated futures contract on it at the same time, then holds both to expiry. The two legs close at the same price on settlement day, so the trader keeps the gap between the futures price and the spot price — the basis — as a return that is known on the day the trade is put on.
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