Crypto Derivatives Report H1 2025: Open Interest, Funding, Liquidations

Key numbers: H1 2025

perpetual futures · UTC

Open interest at the end

$26.49B

-9% like-for-like

BTC average funding

4.3% APR

negative on 24 of 181 days

1. Open interest

daily average per exchange, USD

Open interest on Binance and Bybit went from $29.06B on 1 Jan 2025 to $26.49B on 30 Jun 2025 (-9%), peaking at $33.71B on 19 Jan 2025. Bitcoin ended the period with 45% of it ($11.92B, +2%). Across the 2 exchanges recorded on 30 Jun 2025, Binance held the largest share, 76% of $26.49B.

Covers Binance and Bybit for the whole period. The chart and the changes use only the exchanges recorded on both 1 Jan 2025 and 30 Jun 2025 (Binance, Bybit). Before this site recorded them live, the numbers for Binance and Bybit come from the exchanges' own hourly history. Coverage

Coin	1 Jan 2025	30 Jun 2025	Change	Peak	Peak day
BTC	$11.74B	$11.92B	+1.54%	$13.72B	26 May 2025
ETH	$7.45B	$6.34B	-14.87%	$8.42B	11 Jun 2025
SOL	$1.92B	$1.93B	+0.79%	$3.06B	19 Jan 2025
XRP	$1.08B	$897.0M	-17.29%	$2.14B	17 Jan 2025
DOGE	$911.8M	$431.8M	-52.64%	$1.32B	18 Jan 2025
BNB	$466.1M	$353.6M	-24.14%	$483.8M	7 Jan 2025
SUI	$320.3M	$293.7M	-8.33%	$527.9M	12 May 2025
HYPE	—	$280.5M	—	$305.4M	16 Jun 2025
PEPE	$429.4M	$279.1M	-35.01%	$504.0M	23 May 2025
BCH	$139.8M	$208.8M	+49.33%	$239.9M	20 Jun 2025
All coins	$29.06B	$26.49B	-8.84%	$33.71B	19 Jan 2025

Exchange share of open interest

Exchange	1 Jan 2025	Share	30 Jun 2025	Share	Change
Binance	$21.35B	73.5%	$20.09B	75.8%	-5.91%
Bybit	$7.71B	26.5%	$6.40B	24.2%	-16.97%

Download: coins (CSV) · exchanges (CSV)

2. Funding

mean of each day's OI-weighted 8h rate

Funding averaged BTC 0.0039% per 8h (about 4.3% APR) and ETH 0.0038% per 8h (about 4.1% APR) over the first half of 2025. BTC funding was negative on 24 of 181 days. The most positive liquid coin was HYPE at 28.4% APR; the most negative VVV at -45.3% APR.

Covers Binance and Hyperliquid for the whole period. Before this site recorded them live, the rates for Binance and Hyperliquid are the settled funding from the exchanges' own history. Coverage

Coin	Average per 8h	Annualized	Negative days	Days
BTC	0.0039%	4.3%	24	181
ETH	0.0038%	4.1%	30	181
SOL	-0.0001%	-0.1%	86	181
XRP	0.0035%	3.8%	43	181
DOGE	0.0039%	4.3%	28	181
BNB	-0.0053%	-5.8%	121	181
SUI	0.0010%	1.1%	60	181
HYPE	0.0260%	28.4%	2	181
PEPE	0.0034%	3.7%	46	181
BCH	-0.0028%	-3.1%	85	181

Most positive (average OI ≥ $5M)
Coin	Annualized	Days
HYPE	28.4%	181
FARTCOIN	17.7%	181
XMR	12.4%	181
MUBARAK	9.3%	106
DASH	7.8%	181

Most negative (average OI ≥ $5M)
Coin	Annualized	Days
VVV	-45.3%	154
AERO	-39.5%	181
ZRO	-28.0%	181
ZEC	-26.6%	181
SEI	-20.1%	181

Download: funding (CSV)

3. Liquidations

UTC days · longs / shorts

No liquidations are recorded for the first half of 2025. This site stores liquidations from 27 Sep 2026.

4. Volume

quote volume, USD · perp and spot

No trading volume is stored for the first half of 2025.

5. Hyperliquid

vs the centralized exchanges · HIP-3

Hyperliquid is not recorded for the first half of 2025.

Cite this report

permalink

swolecharts, “Crypto Derivatives Report: H1 2025”, published 1 July 2025, https://swolecharts.com/reports/2025-h1

Free to quote and embed with a link back to /reports/2025-h1.

Methodology

Days are UTC. Open interest is each perpetual market's average for the day, summed per coin and exchange; HIP-3 markets are left out of the crypto totals.
Funding is each day's open-interest-weighted average of the 8-hour-equivalent rate across exchanges, averaged over the days with data; annualized = rate × 3 × 365.
Live data is what this site recorded from each exchange's public API. Before that, Binance and Bybit open interest come from the exchanges' published hourly history and Binance and Hyperliquid funding from their settled rates; the live record wins wherever both exist.
Liquidations come from the exchanges' public liquidation feeds; some feeds are sampled, so totals are a lower bound. Volume is the quote volume of this site's recorded 1-minute bars.
No third-party aggregator data is used. See coverage for every exchange and data type.

Derivatives report FAQ

What does the derivatives report cover?

Perpetual futures open interest, funding, liquidations and trading volume over one half-year or year, by coin and by exchange, with a section on Hyperliquid. Every number comes from the exchanges' public market-data APIs, recorded by this site or backfilled from the exchanges' own history.

When is a report published?

At 00:00 UTC on the day after the period ends: 1 July for the first half, 1 January for the second half and the full year. Late data can still arrive during the first day, after which the report does not change.

Why do some sections cover fewer exchanges?

Coverage grows over time. Older periods rely on the hourly history Binance and Bybit publish (open interest) and on settled funding from Binance and Hyperliquid; every exchange on the coverage page is included from the day this site started recording it. Each section lists the exchanges it covers, and the open-interest change compares only exchanges recorded at both ends of the period.

Can I cite or share the report?

Yes. Each report has a permanent page, a 1200×630 image at the same address plus .png and a CSV of every table. Please link back to the page when you use the numbers or the image.

Crypto derivatives report: H1 2025