Binance’s ETHUSDT futures contract posted a divergence between coin quantity and dollar value between October 6 and October 8, according to data reviewed by CryptoSlate. Open interest in ETH units climbed 2.27% over the 48-hour window, rising from 2,279,556 ETH to 2,331,355 ETH. Over the same period, the USDT-denominated value of that open interest fell 6.58%, declining from 6.175 billion USDT to 5.768 billion USDT.

The divergence reflects a sharp repricing of Ethereum during the measurement window. The implied valuation per ETH fell from 2,708 USDT to 2,474 USDT, a decline of 234 USDT per coin. This repricing accounted for 546.5 million USDT of the 406.2 million USDT net decline in open interest value. The increase in ETH quantity contributed 140.3 million USDT to offsetting that repricing loss.

Bitcoin’s BTCUSDT contract showed a similar but less pronounced pattern. BTC open interest quantity fell 1.45% in coin units, from 94,297 BTC to 92,927 BTC, while its USDT value declined 5.97%, from 8.083 billion USDT to 7.6 billion USDT. The implied BTC valuation dropped from 85,718 USDT per coin to 81,784 USDT per coin. Repricing accounted for 365.6 million USDT of the 483.0 million USDT total value decline, while the quantity reduction contributed 117.4 million USDT.

Funding Rates and Intraday Contraction

ETH funding rates on October 8 moved between negative and positive territory. At 00:00 UTC, the rate stood at negative 0.003319%. It rose to positive 0.000509% at 08:00 UTC, then climbed further to positive 0.002629% at 16:00 UTC. BTC funding rates followed a similar arc, opening at negative 0.000992%, moving to negative 0.001185% at 08:00 UTC, and reaching positive 0.003445% by 16:00 UTC.

Open interest contracted sharply on October 8 alone. ETHUSDT fell 2.85% from midnight to 21:00 UTC, declining from 2,399,634 ETH to 2,331,355 ETH. BTCUSDT fell 3.03% over the same intraday period, from 95,833 BTC to 92,927 BTC.

Broader Market Context

According to Talos, aggregate BTC open interest across all exchanges increased 5.7% during the week of October 1–7, reaching 46.3 billion USDT. Aggregate ETH open interest rose 0.6% over the same period to 27.4 billion USDT. Seven-day liquidations totaled 366.5 million USDT for BTC and 323.3 million USDT for ETH across the market.