CryptoQuant analyst CQ Research has published an analysis of the leverage ratios of various centralized exchanges. According to the report, Binance's leverage ratio has risen slightly from 12.8 in December 2023 to 13.5 currently. This indicates that despite an increase in open interest this year, Binance maintains sufficient reserves. In contrast, Gate.io (106), Bybit (86), and Deribit (32) exhibit significantly higher leverage ratios, raising concerns about potential risks.