Open interest in Ethereum derivatives has declined by 11.7%, reaching its lowest point since June 2026. Data from Coinglass and CryptoQuant confirms a broader trend of deleveraging across ETH markets as traders close their positions.
In terms of volume, open interest dropped to 12.49 million ETH by early October 2026, marking a decrease of 1.46 million ETH from July levels. One session in early October saw a single-day decline of 7.53%, bringing the aggregate open interest to approximately $31.8 billion.
On the Binance exchange, current estimates for ETH open interest range between $3.25 billion and $6.2 billion. For comparison, the exchange recorded a low of approximately $4.16 billion in late June 2026.
Funding rates on several exchanges have turned negative, indicating that bearish traders are paying to maintain their positions. Meanwhile, ETH prices continue to consolidate within a range of $2,600 to $2,800, with spot market activity currently exceeding derivatives trading.
