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FollowingBinance 2026 delisting dynamics: low market cap and low participation as key features
Binance has delisted 42 spot tokens and 28 dollar-based perpetual contracts as of 2026. In terms of the physical market alone, the 42 tokens removed in 2026 already exceed the total number removed in any full year since 2022. [TAG
It is worth noting that removed assets exhibit significant commonalities. The data shows that among spot tokens with fully diluted valuations (FDV) below $10 million, the proportion of off-shelves is as high as 49%. In terms of perpetual contracts, 31% of contracts with open interest (OI) below US$1 million were removed. This data shows that on the coin platform, low valuations and low market participation are often accompanied by higher risks of removal.
The frequency of removal from shelves has increased significantly
Compared with previous years, Binance announced the removal of shelves more frequently in 2026. Statistics show that in 2026, an average of every 28 days will be released, while in 2025, the average interval will be 52 days.
In addition, not most of the spot coins removed from the shelves are new projects. As of August 11, 2026, 31 of the 42 spot coins removed were put on the coin in 2021 or earlier. The median launch time for removed spot coins will increase from 4.1 years in 2022 to 5.1 years in 2026.
In sharp contrast to this is the situation in the perpetual contract market. All of the 28 perpetual contracts removed were launched in 2024 or later, of which 23 were only launched in 2025. The median life cycle of these contracts has been shortened from 1.3 years in 2022 to 0.8 years in 2026.
低FDV代币面临更高下架风险
现货市场中差异最明显的指标是FDV（完全稀释估值），即假设所有代币均进入流通状态时的总价值。数据显示，FDV低于1000万美元的现货代币在2026年有49%被下架，而FDV高于1亿美元的代币则无一例下架。
被下架代币的中位FDV为1053万美元，而继续保留在币安的代币中位FDV则为5688万美元。
在交易体积方面，区分度并不如FDV明显。即使日均交易量在100万至300万美元之间的现货代币，其下架率也仅为10.6%。因此，在考察的数据中，FDV比交易体积能更清晰地反映出下架趋势。
永续合约中的未平仓合约规模（OI）指标
在永续合约市场中，关键指标转向了未平仓合约规模（OI），即当前仍在持有的头寸总规模。同样地，低数值在此类合约中也显示出较高的下架概率。
数据显示，OI低于100万美元的合约中有31%被下架，而OI超过2000万美元的合约没有任何一例被下架。被下架永续合约的中位OI为121万美元，而保留下来的合约中位OI为313万美元。
交易体积在此处的区分度依然有限。即使是日均交易量超过1亿美元的永续合约，下架率仍为2.8%。
哪些板块的代币更容易被下架？
现货和永续市场的下架分布呈现出不同的行业特征：
- 现货市场：去中心化金融（DeFi）项目以16个下架数量位居第一；游戏与NFT类别有9个代币被下架；基础设施、Layer 1和Layer 2项目各有8个被下架；DePIN和数据类别则有5个被下架。
- 永续合约市场：基础设施、Layer 1和Layer 2项目以10个下架数量领先；DeFi和Meme代币类别各有4个合约被下架。
由此可见，现货市场中受影响的主要是DeFi项目和老牌项目，而永续合约市场中则更多涉及较新的基础设施项目。
Launchpool与Alpha项目并未获得“免死金牌”
即使属于币安自身生态系统，也不意味着能获得永久上架资格。在被下架的42个现货代币中，有11个是通过Launchpool或Launchpad渠道上线的。在永续合约方面，被移除的28个合约中有63%与Binance Alpha Spotlight相关。
这表明，通过平台的分发或发现渠道上线，并不能保证列表的长期稳定性。
数据分析总结
涵盖2022年2月17日至2026年8月11日期间144个现货和150个永续合约下架数据的研究揭示了两类市场的不同逻辑：现货市场中低FDV与高下架率相关，而永续合约市场中低OI则是主要关联因素。特别是FDV低于1000万美元组别中49%的下架率，是分析中最引人注目的数据之一。
需要强调的是，这些数据并不意味着币安官方仅依据FDV或OI做出下架决定。它反映的是在特定群体中，哪些特征与下架行为存在更高的相关性。因此，单纯的上市资质并不足够；若伴随低FDV或低OI以及市场活跃度减弱，这些因素将成为未来观察下架风险的重要指标。
本文内容基于一般市场数据，不构成投资建议。建议读者进行独立研究。
