Key Takeaways
Bitcoin futures open curiosity (OI) throughout 11 exchanges totals roughly $42.6B, with Binance (19.14%) and CME (13.88%) holding the most important shares as of Might 31, 2026, in keeping with Coinglass information.Deribit’s June 26 expiry carries roughly $8.5B in notional worth, with max ache close to $77,500, about 5.3% above the present spot value of $73,600.CME put OI has outpaced calls since November 2025, signaling institutional hedging persists at the same time as Bitcoin recovers from its February 2026 lows.
Futures Open Curiosity Throughout Exchanges
Complete alternate BTC futures open curiosity stands at roughly $42.6 billion, down sharply from the $90 billion-plus peak reached in early October 2025 when bitcoin traded a hair above $126,000.
Binance leads all venues with 141,100 BTC ($10.40 billion) in futures open curiosity, accounting for 19.14% of the market, coinglass.com logs present. CME Group holds second place at 102,330 BTC ($7.55 billion), or 13.88% of the full, signaling that institutional participation by way of regulated futures stays vital at the same time as spot costs have pulled again.
Gate holds 65,620 BTC ($4.84 billion, 8.9%), Bybit carries 63,860 BTC ($4.71 billion, 8.66%), and MEXC exhibits 75,980 BTC ($5.60 billion, 10.3%). OKX sits at 44,310 BTC ($3.27 billion, 6%), whereas the decentralized perps alternate Hyperliquid holds 29,730 BTC ($2.19 billion, 4.03%).
24-hour OI adjustments price noting:
Bybit dropped 0.69% over 24 hours, probably the most of any high alternate BingX fell 44.18% in 24-hour OI, a big flush Gate gained 2.08%, and OKX added 0.63%
The OI-to-24-hour quantity ratio for Kucoin reads 9.57, the best on the tape in the present day, which factors to comparatively skinny quantity towards its open place stack.
Bitcoin Choices Open Curiosity
Complete BTC choices open curiosity sits close to $40 billion, per Coinglass information, a steep pullback from the $65 billion-plus highs logged in late November 2025.
Calls dominate at 59.25% of whole choices OI, representing 248,395 BTC. Places account for 40.75%, or 170,837 BTC. A 59/41 cut up favors upside positioning however shouldn’t be an excessive imbalance. Twenty-four-hour quantity is equally skewed, with calls at 53.27% (9,120 BTC) towards places at 46.73% (8,000 BTC).
Prime Open Curiosity Contracts on Deribit
The one largest open curiosity place on Deribit is a guess that bitcoin hits $120,000 by December 2026, with 7,089.4 BTC tied to that contract. Some predictions are aligned with this angle. The second largest is a protecting place sized for a drop to $60,000 by that very same date, carrying 6,509.4 BTC, which tells you that not everyone seems to be positioned for a year-end rally.
Two different notable positions sit nearer in. Merchants maintain 5,769.4 BTC on a contract that pays out if bitcoin reaches $80,000 by July 31, 2026, and one other 5,657.5 BTC on a contract focusing on $90,000 by June 26. Each recommend a cluster of bullish bets geared toward ranges nicely above the present spot earlier than summer season ends.
CME Choices: Places Nonetheless Operating Heavy
Cryptoquant information on CME choices OI stacked by place exhibits places constantly outpacing calls since late November 2025, at the same time as BTC’s value has begun recovering from its February 2026 lows close to $65,000. That put-heavy posture amongst CME members, who are usually institutional hedgers and asset managers, displays warning at present value ranges moderately than conviction in a near-term breakout.
CME’s stacked-by-expiration logs present near-term (1 to 2 months) contracts dominating the present construction, with very restricted longer-dated OI in comparison with the October and November 2025 buildup interval.
Max Ache: Deribit, Binance, OKX
Deribit max ache for the June 26, 2026, expiry sits close to $77,500 to $78,000, with notional worth for that date approaching $9 billion. The furthest-dated expiry proven, March 2027, exhibits max ache collapsing to roughly $70,000, which might symbolize a roughly 4.9% transfer decrease from the present value.
Binance max ache for June 26 hits round $85,000, nicely above spot, with notional worth for that date reaching roughly $757 million. The curve climbs from $74,000 near-term to a peak close to $85,000 earlier than easing again towards $77,500 for later expirations.
OKX max ache tells a special story. The curve runs comparatively flat close to $74,000 by way of June 12 earlier than climbing to roughly $78,000 by late June 26. It then holds between $75,500 and $78,000 by way of late 2026, earlier than leaping sharply to close $80,500 by March 2027, the best of the three exchanges for far-dated max ache.
Max ache principle holds that possibility sellers, who symbolize the vast majority of choices market makers, profit most when the underlying asset expires on the value the place the utmost variety of contracts end nugatory. With BTC spot at $73,600, the vast majority of max ache ranges throughout all three exchanges sit above the present value for the June 26 expiry, which some merchants learn as gravity pulling the value increased going into that settlement.
What Merchants Are Watching
The June 26 expiry is the most important single settlement date by notional worth throughout Deribit, Binance, and OKX. Deribit alone exhibits roughly $8.5 billion in notional worth tied to that date. How the value behaves within the days main as much as that expiry may decide whether or not the majority of open name positions expire within the cash or flip to mud.
CME futures OI stays close to $7.55 billion regardless of the broad decline in whole market OI since late 2025, suggesting institutional desks haven’t walked away from bitcoin publicity. The put-heavy positioning on CME could mirror hedged lengthy methods moderately than outright bearish bets.
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