CryptoQuant, an on chain data analysis provider, analyzed the leverage risk of CEX in a bull market. Despite a significant increase in open contracts this year, Binance still maintains strong reserves on major exchanges, with its Bitcoin, Ethereum, and USDT reserves far exceeding its open contracts. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a leverage ratio of 12.8 in December 2023 and a slight increase to 13.5 in December 2024. In addition, OKX also maintained a low leverage ratio. In contrast, exchanges such as Bybit and Deribit have the highest leverage ratios, at 86 and 32 respectively, indicating that their open Bitcoin contracts exceed or approach reserves, and the situation is similar for Ethereum.
