Ethereum (ETH) Perpetual Futures

The open-interest-weighted ETH funding rate is +0.0094% per 8 hours, or +10.25% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0015% on Kraken to +0.0158% on dYdX. Compare all funding rates.

ETH perpetual open interest is $29.98B (12.73M ETH), down 0.23% in 24 hours. Binance holds the most at $8.97B. That is 10.43% of Ethereum's market cap.

Ethereum is a programmable blockchain that runs smart contracts, stablecoins, DeFi protocols and NFTs. ETH is its native asset, used to pay transaction fees and to stake for securing the network under proof of stake. Part of every transaction fee is burned, which links ETH supply to network activity.

Ethereum perps traded $30.42B in the last 24 hours, -3.04% on the day before. Binance leads with 23%, followed by OKX ($4.87B) and Gate ($4.22B).

Over the last 24 hours 51.1% of accounts are long and 48.9% short, a long/short ratio of 1.05. Taker volume over the last 4 hours is 51.5% buy and 48.5% sell. See the long/short ratio by exchange.

ETF inflows and outflows change spot demand, and perps track the spot price closely. Strong inflow days can lift funding as traders chase the move with leverage, while heavy redemptions tend to cool it. Daily fund figures are tracked on the Ethereum ETF page.

The ratio shows whether ether is gaining or losing ground against bitcoin, which signals rotation inside crypto. Traders pair a long ETH perp with a short BTC perp, or the reverse, to bet on that relative move while keeping little exposure to the direction of the overall market.

$34.33M of ETH positions were liquidated in 24 hours, $11.09M longs and $23.24M shorts. Binance saw the most at $19.34M. See where liquidations cluster.

Holders of staked ETH often short perps to keep the staking yield while removing price risk. The position earns the staking reward plus or minus funding. Ethena's synthetic dollar is built on this kind of hedge, which adds a large and steady block of short positions to the ETH market.

ETH perpetual futures are derivatives contracts that track the price of ETH and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any ETH.

Funding is a payment between longs and shorts. When ETH perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

ETH perps trade on 15 tracked exchanges. By volume the largest are Binance, OKX and Gate. Compare fees and features on the best perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.