Binance’s futures-to-spot ratio has jumped to a 1.5-year high, its highest level since mid-2023. But why?

What The Binance Data Says About The Market

New data from CryptoQuant analyst Maartuun shows that Binance’s derivative volume is dwarfing spot trading, as the futures/spot ratio has risen to around 5.1. This means that for every $1 traded on spot, about $5 are traded on futures. Most “price discovery” and liquidity is happening in the derivatives order books, not in simple buy‑and‑hold spot markets.

When the ratio is high, it usually signals that short‑term, leveraged speculation and hedging dominate over straightforward accumulation. Price tends to react more violently to liquidations, funding swings and positioning than…