Bybit, a cryptocurrency exchange with more than 2 million registered users, has overtaken the Chicago Mercantile Exchange (CME) as the second-largest bitcoin futures exchange by open interest (OI), according to data from Skew. Open interest is the total number of outstanding derivative contracts, such as options or futures held by market participants at the end of a day. Open interest measures the total level of activity in the futures market. Bybit now has $2.48 billion in BTC futures open interest, whereas CME has $2.3 billion, according to Skew. Binance is still No. 1. “Both retail and institutional investors tend ... (full story)