PANews on December 21 reported that the on-chain data analysis provider CryptoQuant published an analysis on the leverage risk of CEX during the bull market. Although the size of open interest contracts has grown significantly this year, Binance still maintains a strong reserve among the major exchanges, with its Bitcoin, Ethereum and USDT reserves far exceeding its open interest contracts. Binance also reported the lowest and most stable leverage ratio among the major exchanges, with a leverage ratio of 12.8 in December 2023 and a slight increase to 13.5 in December 2024. In comparison, exchanges such as Bybit and Deribit have the highest leverage ratios, at 86 and 32 respectively, indicating that their Bitcoin open interest contracts exceed or are close to their reserves, and the situation for Ethereum is similar.
