The global derivatives giant improves from fifth place earlier this week. Binance ranks first.
The Chicago Mercantile Exchange (CME), seen as a proxy for institutional trading activity, has risen back to the number two spot on the list of biggest bitcoin futures exchanges by open interest.However, the climb does not necessarily imply an uptick in institutional participation but looks to have stemmed from a relatively bigger drop in open interest on other exchanges on Wednesday.Bybit’s open interest fell by nearly $1 billion on Wednesday, while the value of open positions on OKEx declined by $1.2 billion; Binance’s total dropped by $1.7 billion. The CME’s tally declined by just $30 million.
The CME now accounts for $1.92 billion, or 15.5%, of the total open interest of $12.38 billion, according to data source Skew.That makes the global derivatives giant the second-largest bitcoin futures venue – a significant improvement from its fifth place at the beginning of the week.
Binance holds the top spot with an open interest of $2.17 billion, while Bybit, OKEx and crypto options heavyweight Deribit rank third, fourth, and fifth.
rank third, fourth, and fifth.Source: Skew.The changes in the rankings after the price crash highlight the perils of excess leverage and retail speculation. ByBit, OKEx, Binance and most other non-regulated exchanges offer 100 times or more leverage, allowing users to trade up to $100 in value for every $1 in the trading account.