Ethereum Futures Market Shifts to Conventional Pricing
Ethereum's futures market has changed significantly since its peak in August 2025, when ether set an all-time high of $4,946.
Today, every dated ETH contract from October 2026 to June 2027 on Deribit is priced at an annualised premium between 3.8% and 4.1%, roughly matching the three-month US Treasury yield of 4.00%.
This flat curve suggests that traders are no longer willing to pay a significant premium for future exposure to ether, unlike in 2021 when funding averaged 66% annualised.
The staking reward, which is about 2.3% to 2.7%, is also below the Treasury yield, indicating that holders are not betting on price but rather income.