CME has surrendered the lead in bitcoin futures open interest to Binance. The change follows a marked compression in the profitability of the institutional “basis trade,” which reduced activity on CME and allowed Binance to retake the top position.
CME reached a peak position in the first half of 2025. On 1 of june CME registered 158.300 BTC in open interest, about $16.5 billion, versus Binance’s 118.700 BTC, roughly $12.3 billion. By 22 of december, the ranking reversed: Binance held approximately 125.000 BTC (≈ $11.2 billion) while CME’s open interest had declined to about 123.000 BTC (≈ $11 billion). These figures reflect a narrowing of the gap rather than a collapse of derivatives activity across venues.
The principal driver cited for CME’s decline is the compression of the annualized basis rate — the premium between spot and futures prices that underpins certain hedged strategies. The basis trade, defined as buying spot Bitcoin while selling futures to capture the spread, became substantially less profitable: the annualized basis reportedly fell from around 15% at a prior peak to about 5%.
Why institutional demand waned
That squeeze has incentivized institutional participants to unwind carry-style positions that had favoured CME’s regulated venue, leading to a measurable reduction in hedged flows that had buoyed CME’s open interest earlier in 2025.
Data indicate a differentiation in client mix across exchanges. CME’s earlier ascent was linked to institutional demand following the successful launch of spot Bitcoin ETFs in Jan. de 2024, which boosted demand for regulated hedging instruments. Binance has preserved a steadier open interest profile and continues to attract a larger share of directional retail trading, which typically focuses on leverage and price speculation rather than spread capture.
The recent movement suggests a partial migration of strategies as market conditions changed, not an outright exit of institutional capital from crypto derivatives.
The swap in leadership between CME and Binance in bitcoin futures open interest underscores how changes in arbitrage profitability reshape venue activity.
