How leveraged traders are positioned on Binance USDT-M perpetuals: the global account-level long/short ratio, the top-trader position ratio, and daily open interest in USDT notional.
The long/short ratio counts how many accounts sit net long versus net short on a perpetual contract. A ratio of 1.5 means 60% of accounts are long. The global figure covers every account on the venue, which skews toward retail positioning; the top-trader variant tracks the largest accounts by margin balance, a proxy for professional desks.
Extreme readings are contrarian more often than not: when nearly everyone is long, little fresh buying power remains and a small dip can cascade into long liquidations. When the two series diverge, retail heavily long while top traders lean short, the disagreement itself is the signal worth watching.
Open interest is the total notional of outstanding perpetual positions. Rising price with rising open interest means new money is backing the move; rising price with falling open interest means shorts are closing, a weaker and more fragile rally. Sharp open-interest flushes mark liquidation cascades and often coincide with local tops or bottoms once the leverage is cleared.
Source: Binance USDT-M futures public statistics, daily buckets. Ratios above 1 mean more longs than shorts; open interest is shown in USDT notional.