Crypto exchange analysis shows different levels of leverage, which affects liquidity and default risks. We evaluated the ratio of open interest to reserves to understand the financial health of exchanges.

Binance stands out among the large exchanges by maintaining strong reserves that exceed open interest. Its leverage ratio increased from 12.8 in December 2023 to 13.5 in December 2024, demonstrating stability even as Bitcoin open interest increased.

Smaller exchanges like OKX also have low ratios. However, Gate.io, Bybit, and Deribit have high ratios, indicating risks similar to those that led to the FTX crash in 2024. It is important to monitor these ratios to avoid similar situations.