Ethereum
Ethereum Derivatives Market Holds $30 Billion in Futures Exposure Amid Long Liquidations
Ethereum futures open interest reached $30.59 billion as call options led positioning despite recent long liquidations and shifting exchange volumes.
Ethereum derivatives maintained $30.59 billion in futures open interest across 12.63 million ETH contracts, even as the aggregate book recorded a 0.42% daily decrease. The positioning coincided with Ethereum trading within a weekly range of $2,324 to $2,575, standing near $2,428 on October 17.
Derivatives metrics presented mixed signals across options and futures. While call options represented 61.75% of open interest, 24-hour put volume slightly exceeded call volume. Meanwhile, long liquidations surpassed short liquidations across both 12-hour and 24-hour timeframes, and positive funding rates kept long traders paying shorts. Max pain levels varied across platforms such as Deribit, OKX, and Binance.
Open interest remained distributed across centralized venues, traditional exchanges, and decentralized perpetual platforms. Binance represented the largest share with $8.73 billion, or 28.55% of total futures exposure. MEXC held $3.25 billion, closely followed by CME at $3.24 billion, Hyperliquid at $2.61 billion, Bybit at $2.15 billion, and Bitget at $2 billion.
Platform-level exposure fluctuated unevenly over the period. Open interest expanded on MEXC by 6.49% and Bitget by 1.22%, whereas Bitunix dropped 11.27%, BingX fell 7.57%, Hyperliquid decreased 1.70%, and CME slipped 1.11%.
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