Binance maintained the highest dominance in the futures market throughout 2024, holding approximately 40% of the open interest (OI). Bybit followed with a 28-30% share, while OKX, HTX, and Deribit exhibited moderate dominance, ranging between 10-12%. BitMEX held a smaller market share at around 2%.
Stablecoin Reserves Supporting Binance’s Dominance
Binance demonstrated a strong Reserve-to-OI Ratio of approximately 2.0–2.6, reflecting robust collateralization of its open interest with stablecoin reserves. In comparison, OKX, Bybit, BitMEX, and HTX trailed behind, indicating relatively weaker stablecoin collateral backing.
BTC Reserves and Collateral Strength
BitMEX reported the highest BTC Reserve-to-OI Ratio, consistently ranging between 0.00011 and 0.00025. In contrast, Binance maintained a stable ratio of approximately 0.00009–0.00012, reinforcing its steady collateral position. OKX, HTX, Deribit, and Bybit recorded moderate to low ratios, signaling potential collateral risks.
This analysis highlights Binance’s dominant position in the futures market, supported by strong stablecoin reserves and a stable BTC collateral ratio, while competitors face varying degrees of collateralization challenges.
Written by ShivenMoodley