Total BTC futures open interest is easing, suggesting a controlled de‑leveraging across CME, Binance and offshore venues rather than panic.
Summary
– Total BTC futures OI ≈ 647,700 BTC (~$59 billion), down about 1.9% over 24 hours, pointing to a modest contraction in leverage (CoinGlass).
– CME and Binance each account for roughly 19% of OI, anchoring two distinct leverage regimes: regulated futures (CME) and offshore perpetuals (Binance).
– Most major venues show small OI declines; a few outliers like MEXC add exposure, indicating selective speculation amid broad de‑risking.
Current readings
Aggregate BTC futures open interest sits near 647,700 BTC, roughly $59 billion in notional value per CoinGlass data. OI is down about 0.4% in the past hour and ~1.9% over 24 hours, a measured pullback rather than an abrupt unwind.
Exchange concentration
Open interest is concentrated among a handful of venues. CME holds roughly 124,900 BTC (~$11.4B), about 19% of the total, while Binance holds about 122,100 BTC (~$11.1B), also near 19%. Bybit, OKX, HTX, Gate, MEXC and others make up the remainder, each contributing low- to mid-single-digit market shares and billions in notional exposure.
Short‑term changes
Over the last 24 hours most large venues show small declines in BTC futures OI. CME, Binance, HTX and Deribit recorded modest reductions — consistent with low‑intensity position trimming versus forced liquidations. MEXC stands out with an OI increase of roughly 4.7% over 24 hours and nearly 5% over four hours. Conversely, Kraken and dYdX registered double‑digit percentage OI declines in the same window.
Interpreting open interest
Open interest counts outstanding futures contracts and reflects capital committed to BTC derivatives. Rising OI alongside rising prices typically signals new positions entering the market; falling OI with stable prices generally indicates position closures. Current metrics show a high but slightly reduced level of BTC futures exposure across major venues, with risk split between regulated CME futures and offshore perpetual markets on platforms such as Binance, Bybit and OKX.
