Ethereum open interest for perpetual futures contracts on Deribit, a crypto derivatives exchange, is at a three-year high, Glassnode data on May 30 reveals.
Perpetual futures are a kind of derivative that tracks the performance of an underlying asset, in this case, Ethereum, allowing traders to not only “buy” but also short-using leverage. These financial derivatives allow investors to gain exposure to the underlying without buying or selling it directly.
Ethereum Open Interest On Deribit At A Three-Year High
At $544 million, there are now more open Ethereum perpetual positions, long and short, on Deribit than in the last three years. The expansion in open positions now surpasses $542 million, recorded on April 20, 2023.
Open interest tracks the total number of open positions recorded in a trading platform. These positions or contracts have not been settled, meaning traders have left them open,…
