Bitcoin’s 30-day change in stablecoin-margined open interest on Binance reached +$840 million on August 27, compared with +$298 million on Gate, while every other tracked exchange remained below +$200 million.

The contrast has become much sharper than at earlier periods of strong open-interest growth.

On January 17, Binance recorded +$775 million versus Gate’s +$480 million, a ratio of about 1.6x.

On May 5, the readings stood at +$1.36 billion and +$980 million, respectively, or roughly 1.4x.

Today, Binance is 8.4% above its January reading, while Gate is 37.9% below its level from the same date.

That pushes the Binance-to-Gate ratio to 2.8x and widens the absolute gap between the two exchanges to $542 million.

This shift has occurred while Bitcoin climbed from roughly $65,000 in late July to around $79,000, a gain of about 22%.

Open interest is also increasing across several exchanges, indicating that the rebuilding is not exclusive to one venue, but its scale remains highly uneven.

Open interest does not show whether traders are positioned long or short, so the move should not be read as a directional signal by itself.

The clearer signal is structural: the latest rebuilding of stablecoin-margined Bitcoin derivatives positions is occurring across the market, but Binance is showing a substantially larger 30-day increase than its peers.

Written by Amr Taha