While the derivatives market outside crypto is already multiple times bigger than the spot market, it is not the same for crypto. And there are many limitations. As Xu pointed out, it is unlikely that the crypto derivatives market outside Bitcoin and Ethereum will see the same surge. “Due to their lack of liquidity, the volume of all other non-mainstream cryptocurrency futures contracts is less than 10% of the market. Some of the runner up tokens to BTC and ETH already have 1 – 3% of total contract volume, but it is unlikely that they will gain significant market share in the future,” he said.