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Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.
Perpetual swap open interest has declined post-rally, pointing to profit-taking, while funding rates remain neutral to mildly positive — far from ATH euphoria. Options activity in BTC, ETH and SOL is subdued, with volumes low and skewed toward puts, reinforcing a cautious tone.
Perpetuals: Open interest remains below pre-FOMC highs, even as BTC pushes new levels, suggesting limited conviction.
Options: BTC’s short-dated volatility briefly favored calls, but longer maturities stayed neutral. ETH’s sharp reversal from $4,700 triggered a swift shift to bearish sentiment, with a −3.3% skew.
Sources: Bybit, Block Scholes
Perpetual open interest plunged after the September 22 liquidation, with ETH contracts shedding over $1B as prices retested $3,800. Despite BTC hitting $125K and ETH reaching $4,700, open interest remains below mid-September levels, and is falling again — pointing to profit-taking in both spot and perp markets.
Sources: Bybit, Block Scholes
The BTC/gold rally has been dubbed “the debasement trade,” but options markets show little excitement. Call volumes stayed steady, while short-dated puts saw a skewed uptick. Implied volatility rose modestly in tandem with realized volatility, which climbed 15 points but remains historically low. Even with BTC’s new ATH, one-week volatility still sits below 40% — a sign of restrained market conviction.
Sources: Bybit, Block Scholes
Perpetual DEXs crossed $1T in monthly volume for the first time in September, with Aster emerging as a standout. The multichain platform, set to launch its own Layer 1, saw its ASTER token’s price surge from $0.10 to $2.30 within a week of its September 17 debut — outpacing the broader market, and peer tokens such as HYPE. Aster’s Pro Mode supports hidden limit orders, echoing rising interest in privacy-focused trading features.