Crypto Derivatives Open Interest Falls Across Five Major Assets

Open interest declined across five major crypto assets in the Oct. 9 snapshot, while mixed funding rates showed traders were repositioning unevenly across perpetual-futures markets.

Bitcoin (BTC) open interest fell 3.79% over 24 hours to $7.64 billion. Its funding rate was positive at 0.0027% every eight hours, equivalent to 2.9% annualized. Long accounts represented 61.8% of the total, compared with 38.2% for short accounts.

Positive funding means traders with long positions pay those holding short positions. The rate indicates that the cost of maintaining long positions remained above zero for Bitcoin, even as total open interest declined.

Ether (ETH) open interest dropped 6.06% to $5.83 billion. Funding was negative at -0.0045% every eight hours, or -4.9% annualized. Long accounts made up 74.5%, while short accounts accounted for 25.5%.

Solana (SOL) recorded the lowest funding rate in the group at -0.0049% every eight hours, equivalent to -5.4% annualized. Open interest fell 3.16% to $941.4 million, with long accounts at 69.2% and short accounts at 30.8%.

XRP had the sharpest open-interest decline, falling 7.61% to $412.6 million. Its funding rate remained positive at 0.0017% every eight hours, or 1.8% annualized. Long accounts represented 70.3%, compared with 29.7% for short accounts.

Dogecoin (DOGE) open interest decreased 7.36% to $217.2 million. Funding stood at 0.0013% every eight hours, equivalent to 1.5% annualized. Long accounts made up 70.3%, while short accounts represented 29.7%.

The figures reflect market conditions at 7:03 a.m. ET (11:03 UTC) on Oct. 9.