This is one of the main advantages of trading crypto derivatives vs the underlying asset: you can get exposure to a much greater amount that what you put in.
Spot market volumes, however, show how much was actually paid for the underlying assets. Leverage and credit in spot purchases are offered by a handful of venues, but it is not yet an established feature (few exchanges have the requisite balance sheets). So, when comparing spot volumes to notional derivative volumes, we are comparing theoretical exposure to actual exposure. You’re starting to see the problem?
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