ETH Open Interest Nears ATH as Spot-to-Futures Ratio Hits Record Low

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Ethereum open interest has climbed close to the all-time high of 7.8 million ETH set in July 2025.

At the same time, the ratio of spot trading to futures trading on Binance has dropped to its lowest annual level ever.

Price Action Driven By Leverage

The above data was shared by on-chain analyst Darkfost in an April 6 post on X. Per the post, Ethereum’s open interest, which had dropped to around 5 million ETH in October last year, has since gone up by nearly 3 million to 7.8 million ETH. About 36% of that activity is concentrated on Binance, translating to roughly 2.3 million ETH.

But the spot-to-futures volume ratio was the more telling data, as it now sits at 0.13 on Binance, the lowest figure ever recorded.

“In practical terms, this means that futures volumes are now about seven times larger than spot volumes,” the analyst explained. “In other words, for every $1 traded on the spot market, roughly $7 flows through futures contracts.”

The current situation is “difficult to interpret,” according to Darkfost. That, he says, is rarely a good sign. While geopolitical and economic uncertainties stemming from the ongoing conflict between the U.S. and Israel on one side and Iran on the other have made investors more cautious, the high activity on Ethereum’s derivatives markets means that speculative participants aren’t holding back.

ETH is back above $2,100, having gained nearly 5% in the last 7 days and slightly more than that in the last 24 hours per CoinGecko data. But the market watcher insisted that most of this recent uptick had been driven by speculation rather than organic demand. However, he cautioned that the extensive use of leverage made for a weak structural foundation, which can amplify volatility in case traders adjust their positions or get hit by a liquidation event.

Key Price Level to Shape Long-Term Outlook

While Darkfost worried about Ethereum’s spot and futures trading, their effect on the cryptocurrency’s price could potentially play out within a scenario described by fellow analyst Ali Martinez.

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The chartist outlined several price zones that traders are watching closely, describing the $1,800 level as a critical support area within a possible ascending triangle structure. This level matches up with the 0.80 MVRV band near $1,880, which reflects periods when many holders are at a loss and selling pressure tends to ease.

If the current structure moves into a wider channel, he said, it could drop to $1,550 and $1,070. On-chain data shows that there were clusters of buying activity at $1,584, $1,238, and $1,089, which would act as support if prices drop.

On the upside, the $2,500 level remains a key threshold. According to Martinez, a sustained move above that point would signal that the average holder is back in profit and could open the door for a larger upward move.