Crypto Derivatives Exchanges Ranked by Open Interest: Binance Leads the Pack

Binance leads the pack in terms of open interest among crypto derivatives exchanges, with around 415,675 BTC committed across 590 perpetual pairs and dated futures. This depth allows large market orders to be filled closer to the mark than on other venues.

Hyperliquid ranks second with approximately 180,277 BTC in open interest, making it a notable on-chain exchange with self-custody capabilities. Its fees are competitive at 0.045%, and it offers hourly funding, although leverage is capped at 50x.

The ranking highlights the significance of open interest as an indicator of market depth, which can be crucial for institutional traders and whales. However, for retail traders with smaller orders, other factors such as fees, available leverage, and supported products become more important.