- Coinalyze and Coinglass show ETH Open Interest on FTX is about 1.35 million ETH.
- It has surpassed Binance in being number one.
- FTX ETH OI is accounting for 32% of the entire market, currently.
Cryptocurrency market data aggregator platforms, Coinalyze and Coinglass have reported that the current ETH Perp OI on the cryptocurrency exchange platform FTX is approximately 1.35 million ETH.
Hence, it has officially surpassed Binance in becoming number one by accounting for 32% of the entire market.
According to the ETH Aggregated Open Interest chart, for Perpetual accounts, the current open interest amounts to $5.6 billion, while FTX currently accounts for $2.1 billion.
Meanwhile, Binance is right behind with $2.0 billion, OKEx with $1.0 billion, Bybit holding $763.7 million, Deribit with $457.5 million, HuobiDM accounting for $73.1 million, BitMEX with $69.4 million, dYdX with $68.5 million, Bitfinex holding $23.6 million, and Kraken with $16.2 million.
However, no major difference can be observed when it comes to the volume trend between both cryptocurrency exchange platforms. Binance continues to display a six times higher volume trend compared to FTX.
Moreover, there has been some change noted for the two in regard to funding rates with Binance being overall positive while FTX is overall negative.
Recently, Binance CEO Changpeng Zhao shared that he is following a different acquisition strategy than FTX’s Sam Bankman-Fried, even though both companies expressed they are willing to pay $1 billion in deals in 2022.
Instead of spending funds on distressed assets like FTX, the Binance CEO is focusing on expanding further into publishing, DeFi, and NFT projects. He commented, “Many of them [lenders], they just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. In that case, what’s to acquire? We want to see real products that people use.”
Binance has already poured $25 million into 67 projects in 2022, and Zhao now plans to explore more traditional e-commerce and gaming avenues in the future.
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