CQ Research2026-03-26

Capital Flows into Leverage: Major Exchanges Capture Open Interest Surge

Derivatives activity rose as crypto prices experienced a relief rally in the third week of March. Open interest in Bitcoin and Ethereum perpetual futures climbed to ~$30B on March 16, the highest since late January, driven by a price rally. Bitcoin OI reached ~$23B, while ETH approached ~$16B. Binance lead capital inflows. The largest increases in open interest occurred on Binance, with BTC OI rising by $829M and ETH OI by ~$1.6B, indicating strong inflows from traders opening long positions. Other major venues such as Bybit and Gate.io also recorded significant gains. Activity is concentrated on major exchanges. Heatmap data shows that most open interest growth is concentrated on Binance, followed by Gate and Bybit, highlighting that large, liquid venues disproportionately attract capital during periods of strong price momentum. As prices rise, traders and investors concentrate activity on top-tier exchanges, with Binance and other major platforms acting as primary hubs for capital deployment and leverage expansion in the perpetual futures market.