Ether Futures Open Interest Rises 2.27% on Binance as USDT Value Falls

Ether futures open interest on Binance rose 2.27% in ETH over 69 hours through Oct. 8, while its USDT value fell 6.58% as the implied valuation declined.

The ETHUSDT position increased to 2,331,355 ETH from 2,279,556 ETH between Oct. 5 at 8 p.m. ET (Oct. 6, 00:00 UTC) and Oct. 8 at 5 p.m. ET (21:00 UTC). Its USDT-denominated value declined to about 5.768 billion from approximately 6.175 billion.

The implied value per ETH fell to 2,474 USDT from 2,708 USDT. These figures are derived from the open-interest records and do not represent separate spot-price observations.

The move shows how futures exposure can rise when measured in the underlying asset while declining in dollar terms as the asset’s valuation falls. Open interest measures outstanding futures exposure, not trading volume or liquidations. It also does not show whether positions were primarily long or short.

ETH-denominated open interest fell 2.85% from 2,399,634 ETH at 8 p.m. ET (00:00 UTC) on Oct. 7 to 2,331,355 ETH at 5 p.m. ET on Oct. 8. The decline followed earlier growth, leaving the position above its Oct. 5, 8 p.m. ET starting snapshot.

Funding settlements for the ETHUSDT contract were -0.003319% at 8 p.m. ET on Oct. 7, +0.000509% at 4 a.m. ET on Oct. 8 and +0.002629% at noon ET.

Across the broader market, Ether open interest rose 0.6% week over week to $27.4 billion during Oct. 1–7. Seven-day Ether liquidations totaled $323.3 million. Those figures cover a broader market and a different measurement period than the Binance comparison.