In just two short months, the market share of perpetual contracts on the BNB Chain has skyrocketed by 800%, now accounting for nearly 15% of the entire market – a record figure accompanied by explosive trading volume. This is not merely growth; it is a powerful influx of speculative capital, indicating that risk appetite is returning.
But what does this really mean for the native BNB coin and on-chain DeFi liquidity? Is the cash flow from spot trading shifting to the leveraged derivatives market?
BNB Chain has become the focal point of the leverage wave
Data from DeFiLlama clearly shows this: BNB Chain is leading in perpetual contract volume over the past 30 days, reaching $31.75 billion.
It is surpassing even big names like Ethereum (ETH) and Solana (SOL) — not only in the monthly timeframe but also in daily trading charts.
As a result, among these three leading networks, the BNB Chain currently holds up to 51.2% of the perpetual contract market share. That is, more than half of the total trading volume of contracts among leading blockchains is flowing through BNB Chain.
This is a clear signal indicating that speculative capital is shifting. Traders are hunting for 'high risk, high reward' opportunities in the altcoin ecosystem of BNB Chain, deploying leverage across the network.
But will this cash flow spill over to BNB coin? Is the market placing equivalent trust in BNB's perpetual contracts, or is this native token being overlooked as capital flows into more volatile assets?
Tracking the capital flowing into BNB
All perpetual contract activity on BNB Chain is clearly driving the level of exposure to BNB. The reason is simple: more trading means more gas fees, an increase in transaction volume, and growing demand for BNB in all aspects.
This is clearly reflected in the data: the daily trading volume of BNB has increased by 12% compared to last month. At the same time, the supply of stablecoins on the BNB Chain has just reached a two-year high, exceeding $10.3 billion, an increase of nearly 7% within a month. Thus, real liquidity is flowing into the ecosystem.
Just considering the cash flow of BNB, the impact is even clearer: the DEX trading volume of BNB reached its highest level of the year, with $8.59 billion on June 10, right when the price of BNB surged to a two-week high of $674.
However, open interest (OI) in the futures market of BNB remains stuck below the $800 million mark – quite far from the peak of $1.4 billion last December when BNB reached its all-time high of $750. This represents a structural divergence.
Thus, in the long-term timeframe, capital is shifting towards the spot market, not the leveraged market. While BNB Chain is becoming a magnet for perpetual contract traders, the perpetual contracts market of BNB itself is not absorbing that cash flow. Trading is still being led by the spot market.
As a result, BNB continues to outperform other large-cap coins on the monthly chart, maintaining its position while many other altcoins have dropped by 15–20% due to cascading liquidations.