According to Skew data, Bybit, a cryptocurrency exchange with over 2 million registered users, has overtaken the Chicago Mercantile Exchange (CME) as the second-largest bitcoin futures exchange by open interest (OI).
The total number of outstanding derivative contracts, such as options or futures, held by market participants at the end of a day is known as “open interest.” The overall amount of activity in the futures market is measured by open interest.
According to Skew, Bybit now has $2.48 billion in BTC futures open interest, while the CME has $2.3 billion. Binance remains the undisputed leader.
One reason Bybit surpassed CME, according to Mike Schwitalla, a senior trader at Crypto Finance AG, is that Bybit’s leverage limits are substantially greater than CME’s.
According to Matthew Dibb, co-founder and chief operating officer of Stack Funds, Bybit has become the go-to venue for high leverage trading in bitcoin futures.
