BitMEX beats Binance in open interest, according to a new BTC futures ranking

The derivatives giant BitMEX and the crypto currency exchange Binance are the largest in the Bitcoin industry (BTC), when ranked by open interest (OI).

According to the updated Bybit exchange ranking, as of May 19, these two companies now top the list when it comes to total OI on their derivatives contracts.

Record open interest of CME’s BTC shows that institutional investors are bullish on the price of Bitcoin

BitMEX’s open interest is almost double that of Binance
Third place is Bybit, followed by Huobi and FTX. The OI for BitMEX exceeded USD 587 million, at the close of this edition, with Binance slightly lower with USD 314 million.

OI took a significant hit on BitMEX, particularly in March – falling from over $1 billion to current levels of around half that – when the price of Bitcoin plummeted to a low of $3.6 billion, before beginning a recovery shortly thereafter.

CoinMarketCap initially dismissed the figure that now puts set up a task force, split the blockchain, doesn’t yet see, the speed dreams of security tokens, exit its wallets, expand access to insurance, wall of sovereign opposition, swarmed uk cellphones, so-called “free zone”, akomba labs test at No.1
The figures for the other three in the top five exchanges were $217 million for Bybit, while Huobi and FTX were on equal footing with $114 million.

Top 10 Bitcoin exchanges by futures open interest

The open interest refers to the total value of derivative contracts outstanding on a platform, in this case related to Bitcoin futures.

High OI, when combined with high volume, can indicate genuine trader interest in both sides of the BTC price performance. However, OI can also occur without volume support, indicating more speculative market activity.

The Huobi derivatives platform was renamed Huobi Futures to attract more investors

The only way is for the BTC futures ecosystem
As reported by Cointelegraph, the OI for non-exchange derivatives providers has increased significantly in recent weeks. CME Group contracts reached a record $399 million earlier this month, while option volumes have grown by 1,000% this month.

Meanwhile, this week, the CoinMarketCap aggregator began classifying exchanges by web traffic as a default setting, reversing a decision from last year that criticized the validity of the metric.

Under that scenario, Binance is currently number one, although CoinMarketCap has warned that the new metric is still being worked on.