# Sky Falls 12% as Derivatives Activity Weakens and Open Interest Drops

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/28590
Published: 2026-10-09T00:03:47.000Z
Updated: 2026-10-09T00:03:47.000Z
Section: Investing

> Open interest in SKY perpetual contracts fell 13% to about $51 million as funding turned negative, while Sky’s protocol fees totaled $27.22 million over 30 days.

Sky (SKY) fell 12% by the time of an analysis published at 8 p.m. ET on Oct. 8 (00:00 UTC), coinciding with weaker derivatives activity and raising the risk of further downside without confirming that additional losses will occur.

Open interest in SKY perpetual contracts fell 13% to about $51 million. The funding rate declined to negative 0.0008% from 0.0079% earlier on Oct. 8. Negative funding generally means short-position holders pay long-position holders.

Long traders lost about $63,000 over the previous 24 hours, compared with $84 for short traders. The Whale Retail Delta reading was 0.288, higher than the previous day.

The derivatives figures point to weaker leveraged demand and elevated downside risk, but they do not establish that SKY will continue to decline.

Sky Protocol reported $969,513 in fees over 24 hours, $6.47 million over seven days and $27.22 million over 30 days. Total value locked stood at $6.089 billion, indicating substantial on-chain activity without directly determining SKY’s short-term price.

SKY is the governance token of Sky Protocol, a protocol operating on Ethereum that also issues the USDS stablecoin and sUSDS, its yield-generating version. Staking rewards are funded through open-market SKY buybacks, and the token’s maximum supply is capped at 23.46 billion tokens.

A later market snapshot showed SKY at $0.07935, up 9.07%, with open interest at $47.94 million. The reading differed from the earlier snapshot used in the analysis.