In a significant shift in market dynamics, while offshore perpetual open interest (OI) declined by 26,735 BTC, CME’s OI surged by 4,380 BTC. Now, CME’s market share stands at a record 25%, swiftly closing in on Binance’s combined perpetuals and futures.
Notably, in the realm of traditional expiry futures, CME dominates with a staggering 80% market share. The takeaway? Offshore basis is losing its relevance as a market signal, with most offshore movements now focused on perpetuals.