According to data source CoinGecko, open interest on the derivatives platform hit a record high of over $10 billion on Saturday, amounting to year-on-year growth of roughly 3,900%.
According to Coindesk, the spike in open interest or the value of derivative contracts traded but not settled with offsetting positions reflects an increased inflow of money into the market.
However, some analysts consider Binance synonymous with retail traders. In their newsletter on Feb. 26, blockchain analytics firm Glassnode’s founders Jan Happel and Jann Allemann noted increased signups at Binance relative to the U.S.-regulated Coinbase exchange as evidence of increased retail participation.
In September 2019, Binance Futures was launched with a single tether (USDT, +0.19%) (USDT)-margined perpetual futures for bitcoin (BTC).
Binance is the biggest bitcoin futures exchange by open interest at press time, contributing $4.33 billion of the global tally of $23.48, as per data provided by the crypto derivatives research firm Skew.