Bitcoin perpetual futures traders are modestly positioned for gains across Binance, OKX and Bybit, the three largest crypto futures exchanges by open interest, with 52.82% of aggregate open positions long and 47.18% short in the latest 24-hour snapshot. Binance shows the strongest bullish tilt at 54.81% long, followed by Bybit at 53.35% and OKX at 52.92%. The readings indicate cautious optimism rather than an aggressive directional bet. Long/short ratios measure the balance of open positions and can highlight positioning and potential crowding, but they do not reliably predict price movements. Funding rates, open-interest changes, trading volume, market news and broader macroeconomic conditions provide important additional context. The figures can change rapidly, may not cover every derivatives product or off-exchange position, and are best used as part of broader market analysis.