This time, Ethereum is not experiencing one-sided congestion. Positions are increasing, yet liquidations are close to a 50/50 split—whether chasing longs or shorts, neither side has an obvious advantage.
Total Ethereum derivatives open interest across the entire network is about $26.05 billion. In the past 24 hours, it has only decreased by 0.18%, so the overall market “pie” hasn’t really moved. Binance open interest is $6.16 billion, up 1.45% in a day; OKX is about $1.55 billion, up 2.42%. Both are adding positions, but they haven’t formed a consistent direction yet.
In the past 4 hours, Ethereum liquidations totaled $318,000, with longs at $154,000 and shorts at $164,000. Shorts are only about 3.0% higher than longs—more like a back-and-forth sweep of losses rather than a trend-driven cascade. Binance and Bybit each account for about $1.11 million; together they make up roughly 70% of these liquidations.
Funding rates aren’t extreme: Binance is about 0.0034% every 8 hours, which comes out to roughly 3.8% annualized; OKX is about 0.0042%, or roughly 4.6% annualized. Longs are paying, but the cost hasn’t gotten high enough to force crowded positioning. First, keep an eye on whether open positions suddenly expand—don’t just chase based on a single candlestick.
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Do you think ETH’s next move will first sweep longs or first sweep shorts?
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