KEY TAKEAWAYS

  • @Binance dominates the Bitcoin and Ethereum perpetual futures market among crypto exchanges measured by Open Interest (OI). The exchange open interest share is at 30% for #Bitcoin❗ and 31% for $ETH , equivalent to $9.8 billion and $5.1 billion respectively. #BTCWhaleMovement

  • Binance shows the faster OI expansion in periods where Bitcoin and ETH rally significantly, indicating that traders heavily use the exchange to gain Bitcoin and ETH exposure. For Bitcoin, this was the case in November 2024 and may 2025, as the price crossed the $100K mark and reached new all-time highs. In the case of ETH, Binance showed the fastest OI expansion in the same periods as the price rallied 73% and 44% respectively. #OneBigBeautifulBill

  • Binance also shows the most activity amid market volatility. On June 21, as geopolitical tensions in the Middle East suddenly escalated, Binance showed by far the largest decrease in OI as prices fell– $2.1 billion–, indicating traders closed their long positions to reduce their exposure. #SpotVSFuturesStrategy

  • A high open interest suggests deep liquidity and strong market depth, attracting large traders due to better execution and tighter spreads. It reflects trader confidence in the platform's liquidity, reliability, fees, and execution speed.#Write2Earn

  • Historical data shows that Binance remains as the largest exchange by Bitcoin open interest (OI). Current Bitcoin OI on Binance totals $9.8 billion, compared to $4.2 billion at the start of 2024. A high OI reflects trader confidence in the platform's reliability, fees, execution speed, and available leverage. 

  • Other exchanges with high OI include Bybit ($6.8 billion), Gate.io ($6.5 billion), HTX ($4.1 billion) and OKX ($3.1 billion). 

  • The largest capital pool in the Bitcoin perpetual futures market among crypto exchanges is at Binance. The exchange open interest share is at 30%, ten percentage points higher than the next exchange.

  • The next two exchanges with the largest Bitcoin open interest share are Bybit and Gate.io, with 21% and ~20% share respectively.