According to Coinglass futures data, ether futures open interest sits at $46.27 billion, marking a significant expansion across exchanges.

CME leads the ETH futures market pack with $10.47 billion in open interest (22.6% market share), followed by Binance at $8.4 billion, Bybit at $3.5 billion, and OKX with $2.5 billion. Futures activity on Gate and Bitget each added more than 3% in 24-hour gains, signaling renewed speculative momentum.

While the U.S.-based CME’s open interest reflects institutional conviction, perpetual swaps on Binance and OKX show a strong retail presence. Despite a minor hour-over-hour contraction (-0.10%), the market’s 24-hour change remains in positive territory at +0.17%, with total open interest representing 11.74 million ETH.

Ethereum options open interest on Oct. 25, 2025, via Coinglass metrics.

Over in the options arena, ether traders are flexing bullish muscles. ETH options open interest floats at $14.5 billion to over $15 billion, with 63.7% of contracts positioned as calls compared to 36.3% puts. Volume in the past 24 hours leans similarly, with 60% of trades being calls, totaling 87,153 ETH, versus 58,062 ETH in puts.

Deribit dominates the ETH options landscape, hosting the largest open interest for strikes at $6,000, $5,000, and $7,000 expiring on Dec. 26, 2025. Notably, the most active near-term contracts are centered around the $4,200 to $4,250 strike range, reflecting traders’ confidence that ethereum will stay buoyant above $3,900 in the near term.

Ether’s max pain point — where most options expire worthless — currently sits at $3,900, aligning with ethereum’s seven-day spot range of $3,749 to $4,080 over the past week. This suggests equilibrium between bullish optimism and profit-taking behavior as traders hedge exposure ahead of potential volatility into November.

With open interest (OI) holding steady and call-heavy sentiment prevailing, ethereum’s derivatives scene paints a picture of aggressive positioning, tempered by caution around the $4K zone — a psychological battleground that could dictate ETH’s next breakout or correction.

• What is ethereum’s current futures open interest?
  Ethereum’s total futures open interest stands at $46.27 billion, led by CME and Binance.
• How do calls compare to puts in ETH options?
  Calls dominate with 63.7% of open interest, showing a clear bullish bias among traders.
• What is ethereum’s max pain level?
  The current max pain point for ethereum options sits at $3,900.
• Which exchange leads in ETH derivatives?
  CME leads in ether futures, while Deribit holds the lion’s share of ETH options activity.

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