Ethereum open interest rose 2.3% in ETH on Binance as its dollar value fell 6.6%
Ethereum open interest on Binance rose by 2.3% in coin quantity while its total dollar value fell by 6.6%, as analysis separates exposure shifts from repricing during market contraction.
Ethereum open interest in Binance’s ETHUSDT futures contract climbed 2.27% in ETH terms over the 48-hour period ending Thursday, Oct. 8, even as its value denominated in USDT dropped 6.58%.
Open interest tracks outstanding futures exposure. For market participants evaluating remaining exposure through a price drop, tracking coin quantity helps separate shifts in exposure from valuation shifts.
Bitcoin’s futures book illustrated a similar distinction. Across the same matched timestamps, Binance’s BTCUSDT open interest dropped 1.45% in BTC units, contrasted with a 5.97% fall in USDT value. Most of that drop in value stemmed from repricing under the accounting method outlined below.
The shared starting point of Oct. 6 captures earlier expansion as well as the contraction seen on Thursday. Both open-interest metrics shrank on Oct. 8. Between midnight and 21:00 UTC, ETH-denominated exposure fell 2.85%, while BTC-denominated exposure declined 3.03%.
Ethereum open interest: higher coin quantity, lower USDT value
Hourly records for ETHUSDT reveal open interest expanding from 2,279,556 ETH to 2,331,355 ETH across the fixed 69-hour window. Meanwhile, its total value dropped from approximately 6.175 billion USDT to 5.768 billion USDT.
The BTCUSDT data show quantity decreasing from 94,297 BTC to 92,927 BTC, while total value slid from about 8.083 billion USDT to 7.6 billion USDT.
| Binance contract | Coin quantity change | USDT value change | Implied valuation change |
|---|---|---|---|
| ETHUSDT | +2.27% | −6.58% | −8.65% |
| BTCUSDT | −1.45% | −5.97% | −4.59% |
The comparison spans from Oct. 6, 2026, at 00:00 UTC through Oct. 8 at 21:00 UTC. Each series comprises 70 matched hourly observations, where timestamps designate period ends according to Binance’s open-interest definitions. Percentage changes are calculated by taking the final observation divided by the initial observation, subtracting one, and multiplying by 100.
The units are significant. Binance measures USDⓈ-M trade sizes by base-asset quantity and structures its perpetual products as linear contracts quoted and settled in stablecoins. For ETHUSDT and BTCUSDT, quantities are measured in ETH and BTC, respectively, while the corresponding valuations use USDT. The stability of the USDT peg makes the latter a reliable proxy for dollar value.
Dividing each total value by its respective coin quantity yields an implied valuation per coin. That ratio dropped from 2,708 to 2,474 USDT per ETH, and from 85,718 to 81,784 USDT per BTC. These valuations are derived directly from the open-interest records rather than being separately observed spot prices.
Isolating quantity shifts from repricing
By first adjusting the outstanding quantity at the original implied valuation and then repricing the ending quantity, analysts can separate the two forces driving the overall value change.
For Ethereum, the additional quantity would have contributed roughly 140.3 million USDT at the starting implied valuation. Repricing the final quantity then removes about 546.5 million USDT, resulting in a net decrease of approximately 406.2 million USDT.
For Bitcoin, the reduction in quantity subtracts roughly 117.4 million USDT at the initial implied valuation. Repricing accounts for an additional decrease of about 365.6 million USDT, leading to a total drop of roughly 483 million USDT. Based on this accounting method, lower valuations account for the majority of Bitcoin’s contraction.
| Binance contract | Quantity contribution | Repricing contribution | Net value change |
|---|---|---|---|
| ETHUSDT | +140.3 million USDT | −546.5 million USDT | −406.2 million USDT |
| BTCUSDT | −117.4 million USDT | −365.6 million USDT | −483.0 million USDT |
This sequence assigns any interaction between quantity changes and valuation shifts to repricing. Reversing the order alters the specific allocation while keeping the net change identical, meaning these contributions reflect an accounting convention rather than distinct economic drivers.
Quantities contract across both assets on Oct. 8
ETHUSDT began Oct. 8 with 2,399,634 ETH outstanding before finishing at 2,331,355 ETH. That midnight-to-21:00 window reduced the book by 2.85%, though the final quantity remained higher than the Oct. 6 baseline.
BTCUSDT started Thursday with 95,833 BTC and dropped to 92,927 BTC by 21:00 UTC. That 3.03% contraction exceeded its 1.45% cumulative decline because earlier gains partially offset the drop experienced on Thursday.
Open interest represents a snapshot of total outstanding exposure at a given moment, whereas liquidations describe activity occurring over a specific interval, and the creation of new positions can counterbalance closures.
Funding rates and weekly metrics address different questions
The historical ETH funding data record Oct. 8 settlements of −0.003319% at 00:00 UTC, +0.000509% at 08:00, and +0.002629% at 16:00. The BTC funding records show rates of −0.000992%, −0.001185%, and +0.003445% at those identical times.
These figures represent settlement rates separated by eight hours. API decimals are converted to percentages by multiplying by 100, meaning ETH’s most recently observed rate of 0.00002629 equates to 0.002629%.
Under Binance’s funding framework, positive funding rates indicate that long positions pay short positions. Both contracts registered positive funding at the final observed settlement on Oct. 8 at 16:00 UTC.
Broader market conditions require a separate analytical timeframe. A report from trading technology provider Talos for Oct. 8 titled State of the Market defines its primary weekly window as Oct. 1–7. It notes that aggregate open interest climbed 5.7% to $46.3 billion for Bitcoin and 0.6% to $27.4 billion for Ethereum, alongside seven-day liquidations totaling $366.5 million and $323.3 million, respectively.
Those weekly totals span a wider market definition than the two specific Binance contracts and conclude earlier than the fixed Oct. 6–8 comparison window. Talos separately highlights a decline in Binance BTC-USDT perpetual open interest leading into Thursday’s activity.
Understanding the remaining exposure
Binance maintained 2.331 million ETH and 92,927.720 BTC within these outstanding contracts.
Determining how vulnerable this remaining exposure might be requires access to additional account, leverage, and positioning data.
The next key question is whether coin quantities will continue to drop or if lower asset valuations will once again dictate the primary headline value change.
Frequently Asked Questions
01What does open interest mean in crypto futures?
Open interest measures the total number of outstanding derivative contracts, such as futures or options, that have not been settled or closed out. It helps traders gauge market liquidity and overall investor interest.
02Why did Ethereum’s open interest rise in ETH while falling in USDT value?
This happens when traders open more coin-denominated contracts while the underlying asset’s price is dropping. Even though the quantity of ETH locked in futures increased, the falling price reduced the overall dollar value of those positions.
03What is the significance of funding rates?
Funding rates are periodic payments exchanged between long and short traders to keep the perpetual contract price anchored to the spot price. Positive funding rates mean long positions pay shorts, typically indicating bullish sentiment.
