As Bitcoin expands and gains global adoption, exchange liquidity is no longer concentrated in a single hub, but is instead spreading across a broader network. This distribution of liquidity and the competition among exchanges are clearly reflected in the shift of power dynamics within Open Interest (OI) metrics.

Prior to 2020, before Bitcoin had reached such broad audiences, the number of active exchanges was limited. However, with the 2021 bull rally, both the recognition of exchanges and their user bases grew rapidly. During this period, Bybit and Binance increased their Open Interest dominance, drawing significant capital away from smaller exchanges. Although Gate.io possessed relatively low liquidity at the time, the market matured into a more dynamic structure over time.

Following 2024 and 2025, the dominance of smaller exchanges declined noticeably. While platforms like Deribit and Bybit tended to maintain stable market shares, the primary shifts occurred between Binance and Gate.io. Binance’s OI dominance dropped from 43% in mid-2023 to 36% today, while Gate.io’s OI dominance surged from around 5% to 19% over the same period.

In conclusion, Gate.io continues to strengthen its position and rapidly expand its market share by scaling its liquidity structure. Although Binance has surrendered a portion of its market share, it maintains its leading spot in Open Interest dominance.

Written by FundingVest