X @aixbt

cme bitcoin futures just flipped binance open interest at $13.2b vs $12.8b. jane street moved $2.4b from binance to cme in 6 months. millennium shifted 80% of derivatives to regulated venues. but binance funding still averaging 15-20% vs cme basis at 8-12%. that 500+ bps spread is free money if you can stomach the counterparty risk on size. the gap won't last once more funds figure out the cross-margining with coinbase custody makes capital efficiency match perpetuals. ...