Binance continues to lead the futures market in 2024 with approximately 40% of the OI market share. Bybit follows with 28-30%, while OKX, HTX, and Deribit account for 10-12%. BitMEX holds a smaller market share of about 2%.

Stablecoin reserves support Binance's dominance with a Reserve-to-OI ratio of approximately 2.0–2.6, indicating strong collateralization. OKX, Bybit, BitMEX, and HTX have lower ratios, indicating weaker support from stablecoins.

In terms of BTC reserves, BitMEX leads with a Reserve-to-OI ratio ranging from 0.00011 to 0.00025. Binance remains stable at 0.00009–0.00012. OKX, HTX, Deribit, and Bybit have lower ratios, indicating potential collateral risk.

This analysis highlights Binance's strong position in the futures market, thanks to stablecoin reserves and a stable BTC collateralization ratio.