Amr Taha2026-04-20

Ethereum Sees Another Short-Term Leverage Reset Across Multiple Derivatives Exchanges

Ethereum’s derivatives market is going through another short-term leverage reset. Open interest is falling again across multiple exchanges, while funding rates remain near neutral to negative — a sign that short-term long positions, not shorts, are taking the bigger hit. This is the second synchronized decline in ETH open interest this month after the first reset between April 2 and April 5. The latest wave includes another broad drop on April 18 and again on April 20, showing that short-term deleveraging pressure is still active across the market. On April 18, Binance recorded around -$205 million in open interest change, while Gate.io saw a much larger -$840 million drop. The current April 20 reading still shows heavy pressure, with Gate.io near -$830 million. At the same time, ETH funding rates remain close to neutral, with some exchanges already turning negative. Binance funding has dropped to -0.0045%, reinforcing the idea that the latest open interest decline is being driven mainly by short-term long liquidations or long-side unwinds rather than an aggressive short squeeze. For the market, this matters because repeated cross-exchange deleveraging can remove excess short-term leverage and cool speculative pressure in the near term.