Ethereum’s derivatives market just reached a significant milestone, with cash-margined futures open interest hitting an all-time high of over $20 billion, according to on-chain analytics platform Glassnode.
This spike signals a strong resurgence in leveraged trading activity, despite ETH‘s spot price hovering just below the $2,800 mark.
The new record comes amid a broader uptick in Ethereum market activity. As highlighted by Glassnode, traders are increasingly deploying stablecoins to gain exposure to ETH via futures contracts. This dynamic indicates growing risk appetite and speculative positioning, even in the face of modest price consolidation.
The accompanying chart shows a sharp and sustained rise in open interest since early 2025, surpassing previous peaks seen during the 2021 and 2022 bull markets.
Notably, the current leverage build-up is occurring in a more stable pricing environment, reflecting increased structural participation from traders using cash collateral instead of crypto-based margins.
The rapid growth in cash-margined contracts points to increased institutional and stablecoin-heavy retail engagement, reinforcing Ethereum’s position as a core asset in the crypto derivatives landscape. However, with leverage piling up, market participants remain on alert for potential volatility if long positions become overcrowded or if prices sharply reverse.
As Ethereum’s futures open interest scales to new highs, all eyes remain on whether the elevated leverage will fuel further upside—or set the stage for sharp unwinding.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-futures-open-interest-hits-record-20b-as-leverage-builds/