Binance now holds roughly 125,000 BTC (~$11.2B) in bitcoin futures open interest vs. the CME's ~123,000 BTC (~$11B), per CoinGlass. CME OI declined from ~175,000 BTC at the start of the year (and ~200,000 BTC a year earlier) as the profitability of the basis trade (buy spot, sell futures) compressed from ~15% to ~5% (Velo), reducing institutional arbitrage demand. Binance OI has remained steady, supported by retail directional traders.

CoinGlass data shows Binance OI (~125k BTC) now exceeds CME OI (~123k BTC). CME open interest fell from ~175k BTC earlier this year and ~200k a year ago. Velo data indicates basis trade profitability compressed from ~15% to ~5%, which the summary links to reduced institutional arbitrage demand; Binance steadiness is attributed to retail directional trading.