Binance controls the largest share of Bitcoin futures open interest at 148,500 BTC worth $9.61 billion, while CME posted a 6.82% daily jump to reach 102,840 BTC ($6.66 billion), according to Coinglass.com data logged on Wednesday. The surge at CME, a regulated U.S. exchange preferred by institutional capital, signals larger desks rebuilding exposure after total futures open interest across exchanges collapsed from roughly $90 billion last September and October 2025 to about $43 billion by June. The three-month annualized futures basis recovered to 4.3% across Binance, Deribit and OKX from levels near 0.3% in late April, while Bitcoin options max pain levels point above the current $64,711 price across all major venues.
Binance Controls $9.61 Billion in Bitcoin Futures Open Interest
Binance controls the largest share of Bitcoin futures open interest at 148,500 BTC worth $9.61 billion, according to Coinglass.com futures stats logged on Wednesday. CME ranks second at 102,840 BTC, or $6.66 billion, after posting a 6.82% jump in just one day. MEXC trails with $6.12 billion, while Bybit and Gate each sit near the $4.5 billion mark.
![Bitcoin futures open interest via Coinglass.com]()
CME Posts 6.82% Daily Jump in Institutional Positioning
CME trades on a regulated U.S. exchange, making it the preferred venue for institutional capital. Its daily increase outpaced nearly every major competitor after total futures open interest across exchanges collapsed from about $90 billion last September and October 2025, when Bitcoin traded above $120,000, to roughly $43 billion by June.
Futures Basis Recovers to 4.3% From April Lows
The three-month annualized basis, according to the latest metrics gathered by Newhedge.io, has climbed to roughly 4.3% across Binance, Deribit and OKX. That's a recovery from levels near 0.3% in late April. The premium futures trade above spot on an annualized basis.
Call Contracts Hold 62-38 Advantage Over Puts
Across the Bitcoin options market, call contracts total 254,394 BTC in open interest versus 156,227 BTC in puts, creating a 62-38 advantage for the bulls. Over the past 24 hours, call and put volume has been almost evenly split. Total Bitcoin options open interest across exchanges has recovered toward $36 billion. CME's options notional value has fallen from roughly $290 million last November to about $50 million, while puts have consistently outnumbered calls.
Max Pain Levels Cluster Between $69,000 and $80,000
Max pain is the price where the greatest value of options expires worthless. OKX places September and December max pain near $69,000. Binance pushes that target approaching $80,000 around the Dec. 25 expiry. Deribit shows peaks near $69,700 for September and December before easing toward $60,000 by mid-2027. Every major options venue points above Bitcoin's current $64,711 price.
![Max pain levels across exchanges]()
Binance Longs Absorbed $70 Million in July 6 Liquidations
Liquidations occur when leveraged positions are forced closed because losses exceed available collateral. Newhedge.io metrics indicate that Binance longs absorbed roughly $70 million on July 6 and another $65 million on July 14. Shorts also got caught, with $30 million to $40 million erased on July 9 and 10. By Aug. 1, another $50 million in long positions disappeared.
FAQ
What did CME's open interest do on Aug. 5?
CME's Bitcoin futures open interest jumped 6.82% to reach 102,840 BTC ($6.66 billion) on Wednesday, according to Coinglass.com data.
What is the current three-month annualized futures basis?
The three-month annualized basis recovered to roughly 4.3% across Binance, Deribit and OKX from levels near 0.3% in late April, according to Newhedge.io metrics.
Where do max pain levels sit across Bitcoin options exchanges?
OKX places September and December max pain near $69,000, Binance approaches $80,000 around the Dec. 25 expiry, and Deribit shows peaks near $69,700 for September and December.
