The CME has ceded its position as the leading exchange for bitcoin futures open interest (OI). Binance has surpassed CME as the largest platform by OI, according to CoinGlass data, with Binance holding approximately 125,000 BTC ($11.2 billion in notional value) compared to CME’s 123,000 BTC ($11 billion).
CME’s OI began the year at 175,000 BTC, but this figure has consistently declined as the profitability from basis trading — where traders buy spot bitcoin while simultaneously selling futures to gain from the price difference — has diminished.
In contrast, Binance’s open interest has remained stable throughout the year, being the exchange more favored by retail traders speculating on price movements.
Just over a year ago, CME’s OI hit a record 200,000 BTC as prices surged toward $100,000 following President Trump’s election victory. At that time, the annualized basis rate soared to around 15%.
Currently, the CME’s basis rate has contracted to about 5%, according to Velo data, indicating declining returns for institutional basis traders.
As spot and futures prices align and market efficiency increases, arbitrage opportunities are diminishing. CME had been the leading exchange for bitcoin futures OI since November 2023, influenced by institutional positions ahead of the anticipated launch of spot bitcoin ETFs in January 2024. That advantage now seems to have waned.
