According to Talos, open interest in perpetual futures dropped from $81 billion to $67 billion over the past year, marking a total decline of $14 billion. This shift follows a major deleveraging event on October 10, 2025, which saw $19 billion in leveraged positions liquidated in one day.
The market composition has shifted toward real-world assets. Open interest in perpetual contracts linked to equities and commodities reached $9 billion, up from near zero a year ago. This segment now accounts for approximately 14% of the total open interest tracked by Talos.
Declines were recorded across major crypto assets, with Bitcoin open interest falling by $8 billion and Ether by $5 billion. Smaller tokens experienced a combined reduction of $10 billion. Data reflects market conditions as of mid-October 2026.
Trading platforms are adjusting their offerings to meet changing demand. Binance now provides over 200 traditional finance instruments, while Hyperliquid has introduced perpetuals for indices and commodities. OKX has also expanded its notional exposure to US stocks.
