Derivatives Market
Markets for contracts whose value comes from another asset's price, such as futures, perpetual futures, and options.
Derivatives let participants hedge existing exposure, take a position without arranging custody, or apply leverage. In digital assets the dominant instrument is the perpetual future, and most contracts are cash settled in a stablecoin rather than delivered, so the underlying asset need never change hands. Activity is split between offshore venues and a smaller set of regulated exchanges that offer margined and cash-settled contracts to institutional clients. Reported derivatives turnover regularly exceeds spot turnover by a wide multiple, because a cash-settled contract can be opened and closed repeatedly without moving any underlying asset.
Na prática
A miner or a treasury desk can hedge exposure by selling futures against assets it already controls, which transfers price risk without transferring the assets.
O equívoco comum
Derivatives turnover is not money invested in an asset; notional volume can far exceed spot activity because contracts settle in cash and turn over quickly.