ChainCatcher reported that CryptoQuant analyst Darkfost wrote on X that open interest in Ethereum perpetual contracts on Binance has reached a new all-time high when measured by the number of ETH. The figure is now close to 3.7 million ETH. At the same time, Binance’s share of total Ethereum open interest has climbed above 44%, indicating that a large portion of ETH derivatives activity is concentrated on the exchange.
ETH Perpetual Open Interest on Binance Hits a New High
Open interest is commonly used to describe the amount of derivatives contracts that remain outstanding and have not yet been settled. In Darkfost’s post, the metric is measured in ETH rather than in dollar terms, so it directly reflects the nominal ETH amount represented by Binance’s Ethereum perpetual contracts. A level near 3.7 million ETH marks a record for the exchange, while a share above 44% places Binance at a high level of concentration within the overall Ethereum open interest landscape.
The record comes after ETH’s current price has fallen by about 67% from its all-time high. Darkfost also said ETH has entered an extremely oversold zone. Against that backdrop, the continued increase in derivatives positioning shows that traders are still adding exposure through Ethereum perpetual contracts, even while the spot price remains far below its previous peak.
Taker Buy/Sell Ratio Returns to 1
Darkfost said that, despite rising market uncertainty caused by geopolitical tensions between the United States and Iran and a continued deterioration in the economic outlook, some traders have chosen to increase risk exposure in the derivatives market. On Binance, the weekly average taker buy/sell ratio has risen from 0.95 to 1, showing a shift after several months in which sellers had dominated activity.
According to Darkfost, the move in the taker buy/sell ratio back to 1 indicates that capital flows are rebalancing. More investors are willing to take on risk and rebuild long positions. This change is occurring at the same time as Ethereum perpetual open interest on Binance reaches a record high, making the exchange’s ETH derivatives data a key part of the current market picture described in the report.