As retail participation increases, Binance’s crypto derivatives platform sees record open interest.
Binance Futures, Binance’s crypto derivatives platform, continues to grow in popularity as more and more retail customers join the bull run.
According to data provider CoinGecko, open interest on the derivatives platform reached a new high of over $10 billion on Saturday, marking a year-over-year rise of nearly 3,900 percent.
The increased inflow of capital into the market is reflected in the rise in open interest, or the value of derivative contracts exchanged but not settled with offsetting positions.
According to some experts, Binance is synonymous with retail traders. The founders of blockchain analytics company Glassnode, Jan Happel and Jann Allemann, wrote in their February newsletter that increased signups at Binance compared to the US-regulated Coinbase exchange as evidence of increased retail participation.
Binance Futures debuted in September 2019 with a single tether (USDT, +0.22% ) (USDT)-margined perpetual futures contract for bitcoin (BTC, -2.5 percent ).
Since then, the derivatives platform has grown to over 180 pairs, including 107 USDT or Binance USD (BUSD)-margined futures contracts, 34 coin-margined futures, 36 Binance leveraged tokens, and six options, according to a representative from the exchange on Telegram.
According to data provided by the crypto derivatives research firm Skew, Binance is the largest bitcoin futures exchange by open interest at press time, contributing $4.33 billion, or 18.44 percent, of the global tally of $23.48, as of press time.