CME On The Cusp Of Becoming Top BTC Futures Exch
The Chicago Mercantile Exchange (CME) has risen to the second-largest bitcoin futures exchange with a notional open interest of $3.54 billion, a move reminiscent of the early stages of the 2020-21 bull run.
The top spot is held by offshore unregulated exchange Binance, with an open interest of $3.83 billion, 8% higher than CME. CME’s cash-settled futures contracts recently surpassed the 100,000 BTC mark for the first time on record, and its share in the BTC futures market rose to a new lifetime high of 25%.
CME’s standard bitcoin futures contract is equivalent to 5 BTC, while its micro contract is sized at one-tenth of 1 BTC. Most open interest in offshore exchanges is concentrated in perpetual futures, which use the funding rate mechanism to keep perpetuals in sync with the spot price.
(With inputs from Shikha Singh)
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