Open interest in perpetual futures has fallen to approximately $67 billion from around $81 billion over the past year, according to data from Talos, an institutional trading infrastructure provider for digital assets. The $14 billion decline reflects changing market dynamics in leveraged trading.
A notable development is the growth of perpetual contracts linked to real-world assets such as equities and commodities, which have climbed to $9 billion in open interest. These contracts accounted for near-zero open interest a year prior.
Breakdown by Asset
The decline in total perpetual open interest was distributed across major cryptocurrencies. Bitcoin open interest fell by approximately $8 billion, while Ether declined by around $5 billion. Smaller tokens experienced the largest combined decline, with their open interest shrinking by roughly $10 billion.
Real-world asset contracts now represent approximately 14 percent of total open interest tracked by Talos as of mid-October 2026.
Market Shift and Exchange Response
Samar Sen, head of international markets at Talos, noted that while total perpetual open interest remains below prior levels, the structure of the market has changed substantially. Several major exchanges have adapted their offerings to reflect this shift.
Hyperliquid has added perpetuals covering indices and commodities. Binance now offers more than 200 traditional finance instruments. OKX has built significant notional exposure in U.S. stocks.
This diversification may attract institutional participants who previously avoided crypto markets due to volatility concerns, according to Talos research. Bitcoin and Ether continue to anchor the market despite their declines, though the question remains whether real-world asset contracts will continue growing their market share or whether demand reverses if crypto speculation accelerates.
