Binance Holds 49% of Ethereum Futures Open Interest as ETH Contracts Recover
Binance has captured roughly 49% of the open interest in Ethereum (BITSTAMP:ETHUSD) futures among major centralized crypto exchanges, reaching its highest market share since 2023. The milestone comes despite a recent drop in token price, as Ethereum fell approximately 10% from $2,775 to $2,500 since late last month. Over that same timeframe, Binance's dollar-denominated open interest declined by about $600 million.
The price pullback triggered significant long position liquidations, with roughly $345 million in bullish bets wiped out over a 24-hour window on October 8 and 9. However, the total amount of open interest measured in token terms rebounded to around 2.46 million ETH, matching levels from late September. This indicates that trader participation in Ethereum futures remained steady despite lower total dollar valuations caused by falling prices.
Investors should monitor whether Binance can sustain its market concentration in crypto derivatives and how future price volatility impacts open interest levels. While dollar valuations fluctuated, underlying contract holdings show stable market engagement across major derivative platforms.
Key points
- Binance's share of Ethereum futures open interest among major exchanges rose to about 49%, the highest since 2023.
- Ethereum price declined around 10% from $2,775 to $2,500 since late last month.
- Long position liquidations totaled about $345 million across October 8 and 9 during the market pullback.
- Ethereum-denominated open interest on Binance recovered to 2.46 million ETH, returning to late-September levels.
- Binance's dollar-denominated open interest dropped by roughly $600 million alongside the price drop.
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How we writeDisclaimerQuestions and answers
What is Binance's current share of Ethereum futures open interest?
Binance holds roughly 49% of total open interest in Ethereum futures among major centralized exchanges, marking its highest market share since 2023.
How much Ethereum was liquidated during the recent price fall?
Approximately $345 million worth of Ethereum long positions were liquidated over a 24-hour period on October 8 and October 9 as prices fell from $2,775 to $2,500.
Did traders abandon Ethereum futures after the price drop?
No. While dollar-denominated open interest fell by about $600 million, the actual number of contracts recovered to roughly 2.46 million ETH, showing steady position sizes.