Perpetual contracts on the BNB Chain surged by 800% – Could BNB become the next risky bet?

In just two short months, the market share of perpetual contracts on the BNB Chain has skyrocketed by 800%, now accounting for nearly 15% of the entire market – a record figure accompanied by explosive trading volume. This is not merely growth, but a powerful wave of speculative capital influx, indicating that risk appetite is returning.

But what does that really mean for BNB native coin and on-chain DeFi liquidity? Is the capital flow from spot trading shifting to the leveraged derivatives market?

BNB Chain becomes the focal point of the leverage wave

Data from DeFiLlama clearly shows this: BNB Chain is leading in perpetual contract volume over the past 30 days, reaching $31.75 billion.

It is surpassing even big names like Ethereum (ETH) and Solana (SOL) — not only in terms of the monthly timeframe but also in the daily trading chart.

As a result, among these top three networks, BNB Chain currently holds up to 51.2% of the perpetual contract market share. This means that more than half of the total contract trading volume among the leading blockchains is flowing through BNB Chain.

Source: DeFiLlamaThis is a clear signal showing that speculative capital is shifting. Traders are hunting for "high-risk, high-reward" opportunities in the altcoin ecosystem of BNB Chain, leveraging across the network.

But will this flow of money extend to BNB coin or not? Is the market placing equivalent trust in BNB's perpetual contracts, or is this native token being overlooked as the capital flows into more volatile assets?

Monitor the flow of capital into BNB

All perpetual contract activities on the BNB Chain are clearly driving the level of exposure to BNB. The reason is quite simple: More trading means more gas fees, an increase in the number of transactions, and a growing demand for BNB in every aspect.

This is clearly reflected in the data: the daily trading volume of BNB has increased by 12% compared to last month. Meanwhile, the supply of stablecoins on the BNB Chain has just reached a two-year high, exceeding $10.3 billion, an increase of nearly 7% within a month. Thus, real liquidity is flowing into the ecosystem.

Considering only the flow of BNB, the impact is even clearer: the DEX trading volume of BNB reached its highest level of the year, with $8.59 billion on June 10, right at the moment when the price of BNB surged to its highest level in two weeks at $674.

Source: DeFiLlamaHowever, the open contract (OI) in the BNB futures market is still stuck below the $800 million mark – quite a distance from the peak of $1.4 billion in December last year, when BNB reached its all-time high of $750. This is a structural divergence.

Thus, in the long-term timeframe, capital is shifting towards the spot market, rather than the leveraged market. Although BNB Chain is becoming a magnet for perpetual contract traders, BNB's own perpetual contract market is unable to absorb that capital. Trading is still being driven by the spot market.

The result is that BNB continues to outperform other large-cap coins on the monthly chart, maintaining its position while many other altcoins drop by 15–20% due to cascading liquidations.

Minh Anh