Amr Taha2026-04-27

Ethereum Binance Open Interest Falls Back to April 13 Levels as Funding Stays Negative at -0.013%

Ethereum’s derivatives market on Binance is showing another clear leverage reset, but the structure is not purely bearish. Binance open interest for ETH has dropped back toward $2.58 billion, the same area recorded on April 13, when Ethereum was trading near $2,200. This suggests that a large part of the short-term leverage built during the recent move has now been removed from the market. The more important signal, however, comes from funding rates. Ethereum funding rates on Binance remain in negative territory, currently around -0.013%, close to some of the lowest levels seen since February. In simple terms, new positioning appears to be dominated by short sellers, while part of the long-side leverage has already been flushed out. This reflects a pessimistic derivatives environment, especially as funding has stayed mostly negative since the February lows. That makes the current zone important: ETH is trading with lower open interest, negative funding, and bearish sentiment already priced into derivatives positioning. If sellers fail to push the market lower from here, the same short-heavy setup could become fuel for the next upside move.