How much do exchanges hold to cover bankrupt liquidations?

The whole fund per venue in dollars, now. OKX publishes one venue-wide total; the other venues publish pools that we add up.

One close per UTC day and venue. A fund that steps down during a crash is doing its job; a fund that keeps sliding on quiet days is the question worth asking.

Gate, MEXC and Crypto.com publish their own history, so their lines start earlier; the other venues start with our first reading.

Last 30 days shown. A Terminal membership opens 90 days and the full daily record.

Size alone says little: a fund protects the positions open on that venue.

Fund vs open interest = the insurance fund in dollars divided by the venue's perpetual open interest on the 30 coins we track, in percent.

Binance and Bybit split their funds into pools, each covering a group of contracts; OKX publishes one balance per instrument family; Gate one balance per settle currency; MEXC one reserve per contract (we list the largest and add the rest up as "other"); Bitfinex one fund per collateral currency; Delta Exchange one balance per asset; Crypto.com, dYdX and Paradex a single fund.

Derivatives venues we checked that do not publish a fund we can read, so they are not in the total.

• HTX The endpoint answers "Function suspended".
• Bitget No public insurance fund endpoint.
• Deribit No public insurance fund endpoint.
• Kraken Futures No public insurance fund endpoint.
• Hyperliquid No public insurance fund endpoint.

Sources: the public endpoints of Binance, Bybit, OKX, Gate, MEXC, Bitfinex, Crypto.com, Delta Exchange, dYdX and Paradex, no keys. Binance lists every pool with the contracts it covers and its balance per asset; Bybit lists every pool with its balance and a dollar value; OKX answers per instrument family and adds its venue-wide total in dollars; Gate publishes one balance per settle currency per day with its own history. From 2026-09-23: MEXC publishes the risk reserve of every contract; Bitfinex carries the fund of each collateral currency on its derivatives status feed, repeated on every pair, so we count it once per currency; Crypto.com publishes its USD fund hourly; Delta Exchange (the India platform) one balance per asset; dYdX keeps its fund in an on-chain module account, which we read from public dYdX chain nodes (isolated markets keep separate funds that are not in this reading); Paradex publishes its insurance account value in USDC.

Dollar values: USDT, USDC and the venues' dollar credits count one to one; other assets at our newest recorded price, or the venue's own dollar value where it publishes one; an asset we cannot price is listed and left out of the sum. A venue's fund is OKX's own total or the sum of its priced pools.

Cadence and storage: every venue is read once an hour, and every pool reading is recorded since 2026-09-23 and never deleted. The daily table keeps each day's last reading per venue and asset for good. A reading stamped at 00:00 UTC (Gate stamps every balance that way) is filed as the previous day's close; Gate, MEXC and Crypto.com publish their own history, which we file by the same rule, so their lines start before our first reading.

Totals: a venue that stops publishing is carried at its last reading for up to 48 hours and marked stale in the table, then dropped from the total, so one venue's outage never empties a day. A total needs a reading from each of Binance, Bybit, OKX and Gate.

Fund against open interest: the fund in dollars over the venue's perpetual open interest on the coins we track. It is a size comparison, not a solvency test: a venue can top up, move or redefine its fund, and a fund covers bankrupt liquidations only, not every loss.