The Chicago Mercantile Exchange (CME) has experienced a decline in its standing and has now fallen behind Binance, as the leading exchange for bitcoin futures in terms of open interest. This significant shift in market leadership comes as a result of decreasing institutional demand for bitcoin futures contracts, which has prompted traders and investors to seek alternative platforms that better meet their needs. As a consequence, Binance has gained traction in the futures market, capitalizing on the diminishing interest from institutional players in the offerings provided by CME.
source: https://www.coindesk.com/markets/2025/12/22/cme-loses-top-spot-to-binance-in-bitcoin-futures-open-interest-as-institutional-demand-wanes