Ethereum open interest in Binance’s ETHUSDT futures contract climbed 2.27% higher in ETH on Thursday, Oct. 8, over a 48-hour period, even though its USDT-denominated value dropped 6.58%.
Open interest tracks outstanding futures exposure. For traders evaluating exposure that remains through a price drop, tracking the coin quantity separates shifts in that exposure from valuation changes.
Bitcoin’s futures book demonstrated a different version of that same distinction. Over those matching timestamps, Binance’s BTCUSDT open interest decreased 1.45% in BTC units, contrasted with a 5.97% drop in USDT value. The majority of that value reduction stemmed from repricing under the accounting method detailed below.
The shared Oct. 6 starting point captures growth from earlier in the period alongside the contraction on Thursday. Both open-interest quantities contracted on Oct. 8. Between midnight and 21:00 UTC, ETH-denominated exposure fell 2.85% and BTC-denominated exposure dropped 3.03%.
Ethereum open interest: more ETH, less USDT value
Hourly records for ETHUSDT reveal open interest expanding from 2,279,556 ETH to 2,331,355 ETH across a fixed 69-hour window. Meanwhile, its value decreased from approximately 6.175 billion USDT to 5.768 billion USDT.
Records for BTCUSDT show quantities shrinking from 94,297 BTC to 92,927 BTC, while total value fell from approximately 8.083 billion USDT to 7.6 billion USDT.
| Binance contract | Coin quantity change | USDT value change | Implied valuation change |
|---|---|---|---|
| ETHUSDT | +2.27% | −6.58% | −8.65% |
| BTCUSDT | −1.45% | −5.97% | −4.59% |
This comparison spans from Oct. 6, 2026, at 00:00 UTC to Oct. 8 at 21:00 UTC. Each series comprises 70 matched hourly observations, with timestamps indicating period ends based on Binance’s definitions for open-interest statistics. Percentage changes are derived by dividing the final observation by the initial observation, subtracting one, and multiplying by 100.
The units are significant. Binance measures USDⓈ-M trade sizes by base-asset quantity and categorizes its perpetual products as linear contracts quoted and settled in stablecoins. For ETHUSDT and BTCUSDT, quantities are measured in ETH and BTC, while the associated valuations are recorded in USDT. The stablecoin peg of USDT makes it an effective proxy for dollar value.
Dividing each total value by its respective coin quantity yields an implied valuation per coin. That ratio dropped from 2,708 to 2,474 USDT per ETH and from 85,718 to 81,784 USDT per BTC. These valuations are derived directly from the open-interest data rather than from independently observed spot prices.
Separating quantity from repricing
By first adjusting the outstanding quantity at the original implied valuation and subsequently repricing that final quantity, analysts can separate the two factors driving the overall value change.
For Ethereum, the additional quantity would have contributed roughly 140.3 million USDT at the starting implied valuation. Repricing the final quantity then removes about 546.5 million USDT, resulting in a net decrease of approximately 406.2 million USDT.
For Bitcoin, the reduction in quantity removes about 117.4 million USDT at the initial implied valuation. Repricing subtracts an additional 365.6 million USDT, leading to the overall drop of roughly 483 million USDT. Based on this accounting approach, lower valuations account for the majority of Bitcoin’s decrease.
| Binance contract | Quantity contribution | Repricing contribution | Net value change |
|---|---|---|---|
| ETHUSDT | +140.3 million USDT | −546.5 million USDT | −406.2 million USDT |
| BTCUSDT | −117.4 million USDT | −365.6 million USDT | −483.0 million USDT |
This method assigns the interaction between quantity and valuation to repricing. Reversing the order alters the individual allocations while leaving the net change identical; these contributions represent an accounting convention rather than distinct economic drivers.
Both quantities contracted on Oct. 8
The ETHUSDT contract entered Oct. 8 with 2,399,634 ETH outstanding and closed the interval at 2,331,355 ETH. That midnight-to-21:00 window reduced the book by 2.85%, though the final quantity remained higher than the baseline from Oct. 6.
The BTCUSDT contract started Thursday with 95,833 BTC and dropped to 92,927 BTC by 21:00 UTC. This 3.03% contraction exceeded its 1.45% cumulative decline because growth earlier in the week partially offset the Thursday reduction.
Open interest represents a snapshot of outstanding exposure at a specific moment. Liquidations reflect activity occurring across a duration of time, and the creation of new positions can offset closures.
Funding and weekly data answer different questions
Historical funding rates for ETH record Oct. 8 settlements of −0.003319% at 00:00 UTC, +0.000509% at 08:00, and +0.002629% at 16:00. The BTC funding history displays rates of −0.000992%, −0.001185%, and +0.003445% at those exact timestamps.
These settlement rates occur at eight-hour intervals. The API decimals are converted into percentages by multiplying by 100, meaning ETH’s most recent observed rate of 0.00002629 becomes 0.002629%.
According to Binance’s rules for funding payments, positive funding indicates that long positions are paying short positions. Both contracts exhibited positive funding rates at the final observed settlement on Oct. 8 at 16:00 UTC.
Broader market conditions also require a separate timeline. A State of the Market report published on Oct. 8 by trading technology provider Talos defines its core weekly window as Oct. 1–7. The report indicates that aggregate open interest grew 5.7% to $46.3 billion for BTC and 0.6% to $27.4 billion for ETH, alongside seven-day liquidations totaling $366.5 million and $323.3 million, respectively.
Those weekly totals encompass a broader market scope than the two specific Binance contracts and conclude earlier than the fixed Oct. 6–8 timeframe. Talos separately highlights falling Binance BTC-USDT perpetual open interest leading into Thursday’s price action.
What the remaining exposure means
Binance maintained 2.331 million ETH and 92,927.720 BTC within these specific outstanding contracts.
Evaluating the vulnerability of this exposure would necessitate separate data regarding accounts, leverage, and position distribution.
The next important factor to monitor is whether coin quantities continue to drop or if lower valuations will once again drive the primary shift in headline value.
Frequently Asked Questions
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What happened to Ethereum open interest on Binance?
Ethereum open interest in Binance’s ETHUSDT futures contract rose 2.27% in coin quantity (ETH) over a 48-hour period ending Thursday, Oct. 8, even though its USDT-denominated value fell 6.58%. -
How did Bitcoin’s futures open interest compare during the same timeframe?
Over the matched timestamps, Binance’s BTCUSDT open interest dropped 1.45% in BTC units, accompanied by a 5.97% decline in USDT value, with repricing accounting for most of the value loss. -
What do positive funding rates mean on Binance?
Under Binance’s funding rules, positive funding rates indicate that traders holding long positions are paying those holding short positions. Both ETH and BTC contracts showed positive funding at the 16:00 UTC settlement on Oct. 8. -
How are implied valuations per coin calculated?
Implied valuations are determined by dividing each contract’s total USDT value by its underlying coin quantity. This ratio dropped from 2,708 to 2,474 USDT per ETH and from 85,718 to 81,784 USDT per BTC across the observed period.
