Binance Futures is holding 418,970 $BTC in open interest (~$35B), which is more than the #2 and #3 exchanges combined (381,050 $BTC total). This isn't about trading volume spikes—open interest represents actual capital locked in positions that traders are holding, not just passing through. It's a measure of where serious leveraged positions are parked long-term, and Binance is clearly dominating that space.