Ethereum Options Open Interest Hits 23% of Futures

Ethereum options open interest has reached a significant milestone, sitting at around 23% of futures open interest. This ratio indicates that traders are favoring leveraged directional bets over convexity, which is an asymmetric payoff profile unique to options.

Data from Coinalyze in late September 2026 shows that ETH options open interest is roughly 23.8% to 24.3% of combined futures and perpetual contract open interest. The total value of derivatives contracts still open on futures and perpetuals was estimated to be around $17.8B to $18.1B, with traditional delivery futures making up only a small portion of this total.

The options market is also highly concentrated, with most activity taking place on Deribit. In mid-2026, calls made up about 55% to 60% of ETH options open interest on the platform.