Ethereum open interest drops 11.7% to lowest level since June 2026

Ethereum traders are quietly heading for the exits. Open interest in ETH derivatives has fallen 11.7%, reaching its lowest level since June 2026. Nobody is panic selling. Leveraged traders are simply closing positions, and the futures market is getting noticeably smaller as a result. What the numbers show Measured in coins, ETH derivatives open interest has slipped to 12.49 million ETH as of late September to early October 2026. One dataset puts that as the lowest reading since March 1, 2026. That figure reflects a drop of 1.46 million ETH from the levels recorded during the early July recovery. The selloff in positioning also had a single dramatic day. Aggregate ETH contract open interest fell 7.53% in one session in early October, landing at approximately $31.8 billion. Binance, which holds a large share of ETH derivatives activity, tells a similar story. Recent estimates place ETH open interest on the exchange somewhere between $3.25 billion and $6.2 billion. Earlier this year, Binance ETH open interest fell to approximately $4.16 billion in late June. That marked its lowest point in over three months at the time. Shorts are holding the wheel Funding rates on certain exchanges h...