Binance now holds about 124,200 BTC in futures open interest worth $11.2B, slightly edging past CME’s 123,000 BTC as CME marks its lowest level since February 2024.
Binance has overtaken the Chicago Mercantile Exchange (CME) as the largest venue for Bitcoin futures open interest, holding roughly 124,200 BTC valued at $11.2 billion. CME’s open interest fell to 123,000 BTC worth $11 billion, its lowest since February 2024. CME’s decline from 175,000 BTC at the start of 2025 is linked to reduced profitability in basis trades, with annualized basis rates dropping from 15% to 5%, leading to waning institutional demand. Binance’s open interest has remained stable, driven primarily by retail traders, ending CME’s lead that began in November 2023 ahead of spot Bitcoin ETF launches.