Binance Captures Most Capital as Bitcoin OI Hits 2026 High

Bitcoin’s rally in May toward $80,000 produced the fastest rise in 2026 BTC perpetual futures open interest, with the largest surge recorded around May 19. Binance received the bulk of new derivatives capital during the first half of the month.

Open interest is the total value of active futures positions. Across major exchanges, BTC perpetual open interest reached about $23 billion and ether perpetual positions were near $16 billion before the May spike. The May 19 increase added leverage to those elevated levels.

Exchange-level flow data show Binance captured the largest share of the incoming derivatives capital, extending a roughly 34% derivatives market share recorded in the first quarter. Binance’s monthly average derivatives volume heading into May was about $2.5 billion.

Combined crypto derivatives volume rose about 75% between January 2024 and January 2026, from $4.14 trillion to $7.24 trillion.

Exchange stablecoin reserves increased alongside open interest, and altcoin deposits climbed during the same period. Traders moved additional assets onto platforms at the same time they deposited more smaller-cap tokens.

Bitcoin perpetual funding rates had been broadly negative for several weeks before the open interest spike. Growth in open interest during negative funding periods can reflect short liquidations as well as new long demand.

Derivatives metrics remained elevated after the May inflows. Market participants will monitor whether larger exchanges continue to attract fresh capital if bitcoin holds higher price levels.