India’s cryptocurrency market is undergoing a significant shift, with futures trading now outpacing spot trading for the first time. Data from Indian exchange Giottus, based on its 1.3 million users, shows that crypto futures accounted for 57.22% of total trading volume between September 2025 and May 2026, while spot trading made up 42.78%.
The surge is being driven primarily by retail investors from smaller cities. According to Giottus analysis, 48% of futures participants come from Tier-2 cities, compared to 31% from Tier-1 metros and 21% from other areas. This marks a broadening of crypto derivatives engagement beyond metropolitan hubs.
“India’s crypto participation story is becoming geographically broader. We are seeing increasing engagement from smaller cities in products that were once viewed as niche or high-complexity,” said Vikram Subburaj, CEO of Giottus.
Monthly user growth in futures trading remained strong throughout 2026. Participation increased 42.5% in February, followed by 28.5% in March, 35.3% in April, and 30.3% in May. Despite the rapid growth, futures users represent only 24% of Giottus’ active users, indicating substantial room for further expansion.
Shift Toward Altcoins and Regional Dominance
Trading behavior is also evolving. Bitcoin and Ethereum futures combined accounted for just 15.35% of total futures volume. Ethereum contributed 7.07%, Solana 5.76%, and XRP 5.24%. The data suggests Indian traders are increasingly exploring altcoins and high-volatility assets beyond the top cryptocurrencies.
Tamil Nadu emerged as the strongest regional market, contributing 46.6% of the total number of futures traders and 59.26% of the total futures volume. Kerala ranked second with a 10.23% share.
Balanced Risk Profiles and Evolving Trader Behavior
Risk appetite among futures traders appears measured. Long positions accounted for 52.79% of trades, short positions 47.21%. The average leverage stood at 10x, with over 30% of trades using leverage above 10x. However, monthly liquidation ratios remained low, ranging between 0.55% and 2.52%.
“The liquidation trends are important because they suggest participation is not entirely speculative or reckless. Users are showing greater awareness around position sizing and risk management while using leveraged products,” Subburaj noted.
Women represented 13.24% of futures traders and used lower average leverage than their male counterparts. The most active trading hours were between 7 pm and 10 pm, aligning with post-work activity and overlapping with U.S. market hours.