In just two months, Binance Chain’s [BSC] perps dominance has jumped 800%, now making up almost 15% of the market, with volume pushing into record territory. That’s a massive wave of speculative capital flowing in. 

But what does it actually mean for Binance Coin [BNB] and DeFi liquidity on-chain? Are we starting to see spot flows rotate into leveraged perp markets instead?

DeFiLlama data makes it clear. BSC is leading the pack on 30-day perp volume, pulling in $31.75 billion.

It’s outpacing even the big names like Ethereum [ETH] and Solana [SOL], and not just over the month, but on the daily charts too.

As a result, among the three, BSC now holds a staggering 51.2% perp dominance. That’s over half of the perpetual trading volume between these top chains flowing through Binance Smart Chain.

That’s a strong signal of speculative capital rotating in. Traders are clearly chasing “high-risk, high-reward” setups across BSC’s pool of altcoins, deploying leverage across the chain.

But does that flow extend to BNB itself? Is the market leaning into BNB perps with equal conviction, or is the native token being sidelined while capital chases volatility elsewhere?

All the perp action on BSC is clearly lifting BNB’s exposure. The logic is simple: More trades mean more gas fees, more transactions, and more demand for BNB across the board.

This is already visible in the data, with BNB’s daily trading volume up 12% month-over-month.

At the same time, stablecoin supply on BSC just hit a two-year high of over $10.3 billion, up nearly 7% in a month. That’s real liquidity flowing in.

And when you zoom in on BNB’s own flows, the impact is even clearer. BNB’s DEX volume hit a yearly high of $8.598 billion on the 10th of June, right as it pushed to a two-week high of $674. 

However, Futures Open Interest is still stuck below $800 million, way off the $1.4 billion peak from last December, when BNB hit its all-time high at $750. According to AMBCrypto, this is a structural divergence.

Capital is rotating into spot markets, not leverage. Despite BSC becoming a magnet for perp traders, BNB’s own perp market hasn’t absorbed that flow. The trade remains spot-led.

The result? BNB continues to outperform major caps on the monthly chart, holding its ground while others unwind 15–20% amid cascading liquidations.