Traders in the Ethereum derivatives market are increasingly favoring linear leverage over options. As of late September 2026, the open interest in ETH options stands at approximately 23.8% to 24.3% of the combined open interest for futures and perpetual contracts.
Data from Coinalyze indicates that the total open interest for ETH futures and perpetuals ranges between $17.8 billion and $18.1 billion. Traditional delivery futures account for only $271 million to $272 million of this volume, while the remainder consists of perpetual contracts.
Market estimates across more than 20 exchanges, including platforms like Binance and Bybit, suggest that the total open interest for ETH futures and perpetuals could reach between $20 billion and over $32 billion. If these higher figures are accurate, the relative share of options in the market is even smaller.
The options market remains highly concentrated, with the majority of activity occurring on Deribit. In mid-2026, call options accounted for 55% to 60% of the total ETH options open interest on that exchange. High levels of leverage in futures and perpetuals carry the risk of liquidation cascades during significant price movements.
