Ethereum
Sectors
Sentiment
Track Ethereum perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Ethereum (ETH) perpetual futures open interest data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Total USD value of outstanding perpetual futures contracts across exchanges. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Ethereum (ETH) has the second-deepest perpetual market in crypto with aggregate open interest routinely running $15-25B across Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH perps carry distinct funding dynamics vs. BTC because the ETH carry trade (long spot, short perp) is actively farmed by staking-yield arbitrageurs — baseline ETH funding is structurally lower than BTC funding, often by 5-10% APR. ETH dated futures on CME and Deribit provide the cleanest read on institutional hedging flow. Watch the ETH/BTC OI ratio: when ETH OI grows faster than BTC OI, it's historically signaled the early innings of altcoin seasons (2020 DeFi summer, 2021 L2 rotation, 2024 restaking cycle). ETH liquidation clusters below the spot price are the single most-watched map in the altcoin book.
Open interest (OI) is the total notional USD value of outstanding perpetual futures contracts that have not yet been closed, liquidated, or settled. OI measures how much leverage is deployed in the market at a given instant — not how much has traded. Rising OI with rising price signals new leveraged longs entering; rising OI with flat or falling price signals short-side buildup and squeeze risk. Falling OI during a price move usually reflects position closures or forced liquidations rather than directional conviction. For top-10 coins, aggregate OI is typically 30-80% of spot market cap; ratios above 100% are rare outside of SOL and the memecoins.
Chart OI against price and overlay funding. OI-up/price-up is a confirmed trend; OI-up/price-flat is a squeeze in progress; OI-down/price-up usually marks the end of a move (shorts capitulating rather than longs adding). Stack OI by exchange to see which venue is driving the change — when OI grows on Hyperliquid or Bybit while Binance OI is flat, the move is retail-speculative rather than institutional. Divergences between OI and spot volume are late-cycle warnings worth taking seriously.