Binance overtakes CME Group in Bitcoin futures open interest

Binance has overtaken CME Group in Bitcoin futures open interest for the first time since late 2023. Binance currently holds approximately 148,500 BTC (roughly $9.6 billion) in open interest, while CME Group has fallen to approximately 102,840 BTC ($6.7 billion).

CME Group’s open interest has declined for five consecutive months, reaching its lowest level since February 2024. This shift is largely attributed to the unwinding of the cash and carry basis trade. As the annualized Bitcoin futures basis compressed to roughly 3%, it fell below the 3.8% yield on two-year U.S. Treasuries, removing the arbitrage incentive that had previously driven institutional positioning at CME.

Market participants, including hedge funds and market makers, appear to be migrating toward offshore perpetual contracts on platforms such as Binance, Bybit, and OKX. This reversal challenges the previous narrative of institutional dominance centered on traditional exchanges like the Chicago-based CME Group.